Judge may consider blocking Paramount-Skydance deal [Yahoo! Finance Canada]
Paramount Global - Class A (PARAA)
Company Research
Source: Yahoo! Finance Canada
WILMINGTON, Delaware (Reuters) - A Delaware judge is willing to consider allegations in a class action lawsuit that Paramount Global's $8 billion sale to Skydance Media should be blocked from closing because it short-changes public shareholders, according to a Thursday court filing. Paramount's controlling shareholder, Shari Redstone, struck a two-step deal in July to sell her stake in the Hollywood studio as part of the deal with David Ellison's Skydance, a streaming-era upstart. The companies are awaiting regulatory approval for the deal to close. In January, an investor group known as Project Rise Partners submitted a proposal valued at $13.5 billion to acquire Paramount, but that was rejected by a special committee of Paramount's board. In response, pension funds for New York City employees that own Paramount stock filed a class action lawsuit in Delaware's Court of Chancery alleging that Paramount's special committee breached its fiduciary duties to the company's public sh
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