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Redstone, son said in settlement

February 05, 2007|From Reuters

NEW YORK — CBS Corp. and Viacom Inc. Chairman Sumner Redstone reportedly has settled a lawsuit with his son.

The lawsuit, filed last year in the Circuit Court of Maryland for Baltimore, claimed that Redstone had tried to "freeze out" his son, Brent Redstone, from National Amusements, the family firm that holds a controlling stake in Viacom and CBS.

Terms of the settlement, reported by the online edition of the Wall Street Journal on Sunday, were not disclosed. But according to people close to the suit, National Amusements repurchased the one-sixth stake held by the son, the newspaper said.

Now the elder Redstone owns 80% of National Amusements and his daughter, Shari Redstone, owns 20%.

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