Paramount Global has agreed to a $167.5 million settlement of a case stemming from the 2019 merger of Viacom Inc and CBS Corp that created the entertainment company, a filing showed.

The settlement, reached on Tuesday, provides for the dismissal of the case in exchange for the payment to Paramount, according to a Securities and Exchange Commission filing published on Friday.

CBS shareholders filed three separate suits, which were later consolidated, alleging the company had overpaid for Viacom, clearing the way for media mogul Shari Redstone to reunite the family's media holdings.

Paramount reached a $122.5 million settlement in March with Viacom shareholders that also stemmed from the merger.

(Reporting by Shubhendu Deshmukh and Juby Babu in Bengaluru; Editing by Leslie Adler and William Mallard)