CBS Reschedules Shareholder Meeting

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The meeting was originally scheduled for May 17 but CBS canceled it after its board voted in favor of dilution. The validity of the move was challenged by NAI.

CBS on Wednesday said it has rescheduled its annual meeting of shareholders for Aug. 10, when CEO Leslie Moonves and attendees will presumably address the company's plan to dilute National Amusement's 80 percent voting control down to 17 percent.

The meeting was originally scheduled for May 17 but CBS canceled it after its board voted in favor of dilution. The validity of the move was challenged by NAI, controlled by Shari Redstone and her ailing father, Sumner. The issue will be settled in court, though perhaps not until next year.

Moonves and CBS say it was necessary to dilute NAI's control in order to prevent the entity from forcing a CBS-Viacom merger, though Shari Redstone and NAI, which controls Viacom in a similar way it controls CBS, have repeatedly said they had no intention of forcing a merger if CBS shareholders objected to such a plan.

In a regulatory filing on Wednesday, CBS said its meeting for shareholders will take place in Pasadena at the Langham Huntington.