Fireworks between CBS and its controlling shareholder, National Amusements, erupted anew on Tuesday in a filing that challenged an amendment to the Tiffany Network’s bylaws.
CBS said in its filing with the Securities and Exchange Commission that the amendment imposed by NAI on May 16 can’t take legal effect “until 20 days after the information statement is distributed to stockholders.”
As such, it continued, the stock dividend aimed at diluting NAI’s voting interest to 20 percent and passed at a directors meeting on May 17 “was not subject to the purported bylaw amendments.”
The filing took the fight between CBS chief Les Moonves and NAI controlling shareholder Shari Redstone to a new level — one that will be followed by an amended complaint from CBS as soon as Wednesday, sources said.
They added that NAI is preparing a cross-complaint to keep its voting interest in CBS at 79 percent.
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