CBS Corp. Falls Over 6% On Ruling in Favor of Nat’l Amusements
CBS Corp. (CBS) is down over 6% as of 12:05 P.M. EST following the announcement that a Delaware judge ruled in favor of National Amusements, which is owned by the Redstone Family, and lifted a temporary restraining order that was placed on the company just yesterday.
The judge ordered the lifting of the restraining order, which was requested by CBS as a way to prevent National Amusements, led up by Shari Redstone, from going after the Board of Directors of CBS and replacing them.
It’s no secret that Shari Redstone does not see eye to eye with the Board of Directors of CBS, especially Leslie Moonves, and this puts Ms. Redstone back in the driver’s seat, which seems to be scaring investors away. And the high-stakes games continue.