Paramount Global has agreed to pay $167.5 million to investors to settle a lawsuit resulting from the 2019 merger between entertainment company Viacom Inc and CBS Corporation. It was stated in the documents submitted to the authorities.
According to filings released Friday by the Securities and Exchange Commission (SEC), Paramount (NASDAQ:PARA) and investors agreed to a settlement on April 18.
Paramount did not respond to Reuters’ request for comment.
CBS shareholders filed three separate lawsuits, which were later consolidated. The lawsuit alleges the company overpaid Viacom, paving the way for media mogul Shari Redstone to reunite her family’s stake in media.
Paramount reached a settlement with Viacom shareholders in March for $122.5 million resulting from the merger.