Kessler Topaz Meltzer & Check, LLP, Prickett, Jones & Elliott, P.A. and Grant & Eisenhofer, P.A. Announce Notice of Pendency and Proposed Settlement of Stockholder Derivative for All Holders of Paramount Global Common Stock and All Persons or Entities Who or Which Held Shares of CBS Corporation Class B Common Stock at Any Time Between and Including August 13, 2019 and December 4, 2019

WILMINGTON, Del., July 21, 2023 /PRNewswire/ -- 

IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE

SUMMARY NOTICE OF PENDENCY AND PROPOSED SETTLEMENT
OF STOCKHOLDER DERIVATIVE AND CLASS ACTION,
SETTLEMENT HEARING, AND RIGHT TO APPEAR

PLEASE READ THIS NOTICE CAREFULLY.  YOUR RIGHTS WILL BE AFFECTED BY A LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED, pursuant to Delaware Court of Chancery Rules 23 and 23.1 and an Order of the Delaware Court of Chancery (the "Court"), of the Stipulation and the full printed Notice of Pendency and Proposed Settlement of Stockholder Derivative and Class Action, Settlement Hearing, and Right to Appear (the "Long-Form Notice") of the pendency of the above-captioned stockholder class and derivative action (the "Action").  Copies of the Stipulation and the Long-Form Notice are available for review on the website established for the Settlement (the "Settlement Website"), www.cbsstockholderlitigation.com. 

YOU ARE ALSO HEREBY NOTIFIED that the Parties in the Action have reached a proposed settlement of derivative and class claims in exchange for monetary compensation in the amount of $167,500,000 to Paramount (the "Settlement") on the terms and conditions set forth in the Stipulation.  If the proposed Settlement is approved by the Court, it will resolve all claims in the Action.

IF YOU ARE A CURRENT PARAMOUNT STOCKHOLDER OR A FORMER CBS CORPORATION CLASS B STOCKHOLDER, YOUR RIGHTS MAY BE AFFECTED BY THE PENDING ACTION AND THE SETTLEMENT.  The Long-Form Notice is currently being mailed to known current Paramount stockholders and former holders of CBS Corporation Class B common stock that held CBS Class B common stock at any time between and including August 13, 2019 and December 4, 2019. The Long-Form Notice is also available on the Settlement Website, www.cbsstockholderlitigation.com. 

Inquiries, other than requests for the Long-Form Notice, may be made to the following Plaintiffs' Counsel:

Lee D. Rudy, Esq.
Kessler Topaz Meltzer & Check, LLP
280 King of Prussia Road
Radnor, PA 19087
(610) 667-7706

Eric J. Juray, Esq.
Prickett, Jones & Elliott, P.A.
1310 King Street
Wilmington, DE 19899
(302) 888-6500

Christine M. Mackintosh, Esq.
Grant & Eisenhofer P.A.
123 Justison Street, 7th Floor
Wilmington, DE 19801
(302) 622-7000

A settlement hearing (the "Settlement Hearing") will be held on September 6, 2023 at 2:00 p.m. at the Court of Chancery in the Court of Chancery Courthouse, 34 The Circle, Georgetown, DE 19947, to determine, among other things: (i) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) whether the proposed Settlement Class should be certified as a non-opt-out class pursuant to Court of Chancery Rules 23(a) and 23(b)(1) and (b)(2); (iii) whether the Action should be dismissed with prejudice and the releases specified and described in the Stipulation (and in the Long-Form Notice) should be granted; and (iv) whether Plaintiffs' Counsel's application for an award of attorneys' fees and reimbursement of litigation expenses, and for an incentive award to Plaintiffs, should be approved.

The Court may adjourn and reconvene the Settlement Hearing without further notice of any kind other than oral announcement at the Settlement Hearing or any adjournment thereof, or a notation on the docket in the Action.  If you intend to attend the Settlement Hearing, you should confirm the date and time with Plaintiffs' Counsel.

If the Settlement is approved by the Court, no further action is required by current Paramount stockholders or by members of the Settlement Class.

Any objections to the proposed Settlement and/or Plaintiffs' Counsel's application for an award of attorneys' fees and reimbursement of litigation expenses, must be filed with the Register in Chancery and delivered to Plaintiffs' Counsel and Defendants' Counsel such that they are received no later than August 22, 2023, in accordance with the instructions set forth in the Long-Form Notice.

DO NOT CALL OR WRITE THE COURT OR THE OFFICE OF
THE REGISTER IN CHANCERY REGARDING THIS NOTICE.

¹ All capitalized terms not otherwise defined in this notice shall have the meanings provided in the Stipulation and Agreement of Settlement, Compromise, and Release ("Stipulation"), which is available on the Settlement Website, www.cbsstockholderlitigation.com.

SOURCE Kessler Topaz Meltzer & Check LLP, Prickett, Jones & Elliott, P.A. and Grant & Eisenhofer, P.A.