Skydance Media Slams Project Rise Partners' ‘Belated' and ‘Unserious' $13.5 Billion Bid for Paramount [Yahoo! Finance]
Paramount Global - Class A (PARAA)
Company Research
Source: Yahoo! Finance
process of its pending $8 billion merger with Paramount Global after it filed a formal objection with the agency last week. The David Ellison-owned studio has accused PRP of trying to delay the closing of the transaction to force Paramount's board to consider its “belated” and “unserious” $13.5 billion bid to acquire the media giant and to buy time for a shareholder lawsuit making its way through the Delaware Court of Chancery from a group of New York City pension funds. The class-action complaint , which was seeking a court order to temporarily block the deal while its claims are being resolved, alleges the media giant failed to sufficiently consider PRP's offer, which the pension funds say is superior to the Skydance deal. A judge has denied the request for a temporary restraining order, but said it would expedite its review of the lawsuit in order to rule on the case prior to the completion of the FCC's review. In its objection, PRP said the deal raises “serious public intere
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