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CBS and National Amusements are making progress in the talks to settle the fierce lawsuit over control of the company that accounts for half of Sumner Redstone's media empire.
Interviews have been ongoing for weeks to try to begin the October 3 trial at the Delaware Chancery Court. Sources close to the situation said that negotiations between some members of the council weekend.
A spokesperson for CBS Corp. refused to comment. An NAI representative also declined to comment.
The lawsuit filed by CBS on May 14 stems from the conflict between CBS Corp. President Leslie Moonves and NAI President Shari Redstone over the fate of CBS and the proposed merger with Viacom.
A source close to the situation said that the CBS board was also in the middle of a discussion on the future of Moonves at the head of CBS. The source said the trial settlement talks and discussions on Moonves' future are on parallel tracks. It was widely expected that, after pursuing the bold legal strategy to challenge the control of NAI votes on CBS, the Moonves would be deported unless CBS was able to enforce it in court.
What complicates Moonves' deliberations is that CBS is investigating allegations of sexual harassment against its CEO in late July by six women in a New Yorker investigation report by Ronan Farrow. The 11 independent members of the CBS board strongly supported Moonves. But the dispute settlement negotiations will undoubtedly take into account the future management of CBS. Contradictory visions of the future of CBS Corp. were the spark of discord between Moonves and Shari Redstone.
The deadline was the first to signal accelerated settlement talks.
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