national amusements ceo

We want to hear from you! ” But I always understood and respected—and abided by the principle—that ‘no’ means ‘no,’ and I have never misused my position to harm or hinder anyone’s career.” CBS’ board of directors has set an investigation of the claims, but took no action against Moonves, leaving him in place in his current role. It is undisputed that the Director Defendants’ actions are unprecedented under Delaware law.”, In a statement, CBS responded, “Today’s reactive complaint from NAI was not unexpected.

The CBS filing was disclosed previously by The Wall Street Journal. | National Amusements, Inc., is a world leader in the motion picture exhibition industry, operating more than 900 movie screens in the United States, Great Britain and Latin America. In Canada, National Amusements also owned Famous Players theatres through Viacom which today are now owned by Cineplex Entertainment and Landmark Ci… It also operates a nightclub in Foxborough, Massachusetts called Showcase Live, which is located next to a Showcase Cinema de Lux. UPDATED with CBS response. Get kids back-to-school ready with Expedition: Learn. Take this passage in the complaint, for instance: “The only cogent, but manifestly improper, explanation for the Director Defendants’ unprecedented action is that Leslie ‘Les’ Moonves, CBS’s longtime CEO, has tired of having to deal with a stockholder with voting control and has taken particular umbrage that the exercise of such stockholder’s control has migrated from Sumner Redstone to his daughter, Ms. Redstone,” it reads.

Today’s complaint, accompanied by an official statement, took pains to debunk the notion that NAI flouted its fiduciary duties, insisting it was CBS acting recklessly when it scheduled a special board meeting on May 17. Clark Middleton, Actor in 'The Blacklist,’ ‘Twin Peaks,’ Dies at 63, ‘The Batman’ Delayed to 2022, ‘Matrix 4’ Release Moves Up, 'Teenage Bounty Hunters' Canceled After One Season at Netflix, Denis Villeneuve’s ‘Dune’ Delays Release Date, ‘GLOW’ Season 4 Canceled Due to COVID-19 Pandemic, ‘This Isn’t The Right Time’ For ‘No Time To Die,’ says Daniel Craig, Thomas Jefferson Byrd, Actor in Spike Lee Films, Killed in Atlanta, Why ‘Tenet’ Was the Wrong Movie at the Wrong Time (Column), Lady Gaga, BTS, Justin Bieber Lead 2020 MTV EMA Nominations, Bruce Lee’s Daughter Shannon Recalls His Struggle to Make ‘Enter the Dragon’ in New Book Excerpt (EXCLUSIVE), Led Zeppelin Wins 'Stairway to Heaven' Copyright Battle as Supreme Court Refuses to Hear Case, ‘The Witcher’ Season 2 Gets First Look at Henry Cavill’s New Armor, Megan Thee Stallion Delivers Powerful 'Protect Black Women' Statement on 'SNL', Why ‘Tenet’ Was the Wrong Movie at the Wrong Time (Column), The 10 Best ‘Gilmore Girls’ Music Moments, Taylor Lautner Buys Striking Agoura Hills Mansion, Chaos and Cannabis: A Hemp Empire Brings Trouble to Navajo Land, AddArmor Transforms the Mercedes-Benz Sprinter Van Into a Personal Bodyguard, Big Four Broadcast Rights Pacts Becoming ‘Loss Leaders’ for Networks, A Tea-Lover’s Guide to the Best Tea Brands in the World. “I recognize that there were times decades ago when I may have made some women uncomfortable by making advances.

The session, ripped by NAI as a “sham meeting,” resulted in a vote signaling the board’s intent to dilute NAI’s control, which is achieved through a dual-class stock ownership structure, to less than 20%.

Mr. Moonves apparently gave the Director Defendants an ultimatum: Either you remove NAI’s voting control, or I resign. That gives NAI and Redstone new leverage in the ongoing dispute, said Tuna Amobi, a media-industry analyst with CFRA Research. This ultimatum came against the backdrop of a $180 million ‘golden parachute’ in Mr. Moonves’s employment agreement that had been adopted without discussion or approval of the full Board, with the intended purpose of entrenching Mr. Moonves in his position as CEO.”. Both sides eagerly worked to dismiss the other’s claims on Tuesday. CBS states that Kopelson visited Sumner Redstone on January 28 and “video recorded an attempted conversation with Mr. Redstone during a visit to Mr. Redstone’s residence to ‘memorialize Mr. Redstone’s physical state.” The elder Redstone is said to have become more frail in his advanced years. Moonves has been a successful CEO and has richly benefited under CBS’s dual-class share structure, to the tune of nearly $700 million over his tenure as CEO (making him one of the highest paid CEOs in America, and the highest paid in the media industry). Those were mistakes, and I regret them immensely,”Moonves told the magazine. Even for companies with as vivid and occasionally contentious a history as CBS and Viacom, the complaint is full of vivid language and detail. ), “This case is about extraordinary, unjustified and unlawful actions by certain of the Directors” of CBS, the complaint says, “to unilaterally dilute the voting rights of its controlling stockholder, NAI, for all purposes and for all time. © Copyright 2020 Variety Media, LLC, a subsidiary of Penske Business Media, LLC. By signing up for this email, you are agreeing to news, offers, and information from Encyclopaedia Britannica.

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