National Amusements Amends CBS Bylaws to Prevent Stock Dilution in Ownership Struggle
CBS majority shareholder National Amusements Inc. delivered written consents to amend the broadcaster's bylaws “to safeguard against unlawful action by CBS and its special committee,” National Amusements said Wednesday. The CBS board filed a lawsuit and motion for a restraining…
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order Monday to keep NAI from intervening in plans to dilute NAI stock and take away majority control (see 1805140044). “The amendment principally requires that certain board actions with respect to dividends and changes to CBS’ bylaws be approved by a supermajority of the CBS Board,” the NAI release said. The “irresponsible action" poses “significant risk” to the network, the investor said. “NAI was compelled to take this measured step to protect its position while also mitigating further disruption.” CBS didn’t comment.