A Delaware judge has just ruled against CBS, in its effort to strip company control from Shari Redstone's National Amusements Inc.
Why it matters: This could pave the way for a merger with Viacom, and also lead to major management changes at CBS (whose stock is down more than 6% on the ruling).
Just yesterday, CBS execs were projecting confidence.
A key quote from the judge:
What's next? CBS likely will pursue further litigation but, for now, its bylaws require a 90% supermajority to dilute Redstone. Given the board dynamics, it won't meet that threshold.