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CBS board votes to dilute power of majority owner, stakeholder

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A large sign and logo greets visitors to CBS's Television Studios. Photo: George Rose/Getty Images

CBS’ board has voted to dilute the voting power of its majority owner, National Amusements Inc. (NAI), and it’s majority stakeholder, Shari Redstone, by over 60%, limiting her ability to replace the company's board.

Why it matters: The move is mostly symbolic, because nothing can actually go into effect until a Delaware judge reviews the merits of CBS’ lawsuit against NAI, which attempts to remove Redstone’s control and dilute her shares.