The special committee of the Paramount Global Board of Directors has been “detained” by the agreement that merges with Skydance Media and does not consider the 11 -hour offer from a rival bidder.
In a statement stipulated in the deadline, last year’s committee spokesman said that the increase partner of the investment group project had arrived in effect that it was formed to evaluate the opportunity and take measures to merge.
“With a paramount and a Sky -Dance Media transaction contract, the Special Committee has been able to pursue an excellent proposal during the 45 -day gor -chop period. We contacted a third party and judged whether they were in the 7 -month sales process during such a period. It is unknown what PRAMOUNT has been consent to Skydance Media.
The paramount skiing transaction was set after several months of saga last July. Many parties are considering throwing a hat on the ring for the mainstay of Hollywood before century. An investor group led by Barry Diller, Sony Pictures Entertainment, Private Equity Giant Apollo, and Seagram’s heir Edgar Bronman Jr. Skydance has been able to use the long -standing relationship as Paramount as a joint finance partner. CEO’s David Ellison, supported by Oracle’s co -founder Larry Ellison, was thought to have important resources and passion for investing in company core movies, television and streaming businesses.
After multiple offers from Skydance, the company and Paramount agreed to two -stage transactions worth about $ 8 billion. Due to the paramount stock dual class structure, the fine point of the transaction accuses the shareholder of the shareholder control that the shareholder Charrealed Stone has sacrificed the owner of the class B shares under the control of shareholders. I was. Many famous class B shareholders have expressed their prior version of the version of the transaction, although the complaint has decreased due to the sweetness of the Sky Dance.
Project Rise Partners lawyer sent a letter to the committee on Friday. He advised the principal that the principal, which is said to be better than the $ 8 billion of the Sky Dance Transaction, is obliged to consider the offer. According to the Variety report, the “increase” PRP offered to $ 19 per class B compared to the $ 15 provided by Skydance. (Axios in October last year also reported on PRP institutions to consider the bid after Deadline.)
Strangely, Friday’s letter also drew contrast with Skydance in terms of staffing. PRP, including Daphna Edwards Ziman, a co -chair of TV network Cinémoi, and Moses Gross of real estate finance, argued that despite the reconstruction of the entertainment business, it will be added to PARAMOUNT’s personnel. (Paramount itself has gained 15 % of the United States -based workers in recent months.)
Despite the plan to invest a large amount of resources from Redbird Capital, Ellison and a minority partner, the paramount is expected to control the Paramount, with Paramount’s control. In particular, the company faced a major issue when managing a considerable linear TV assets, and lasted to the wall street as much as last year when the value of the cable network needed $ 6 billion. 。
If the Skydance bidding was first accepted by the Special Committee last summer, the contract stipulated that the 45-day GO-SHOP window would be able to explore alternatives. Due to the SEC submission document this month, the representatives of Project Rise Partners were in contact with the Special Committee, but no proposals were submitted a few days after the GO-SHOP period expired.
The idea of a twist in the last minute to the paramount merged melody is to induce migraine to some observers. “It’s just a fool,” said one person who is familiar with the merger process talks about PRP Saber Ratling. Investor groups are pleading because of the new scrutiny of the Federal News Committee’s regulatory authorities, which has a political news of PARAMOUNT’s CBS news.
FCC chairman Brendan Ker, who was appointed by President Trump, revived the complaint of the “news distortion” by CBS by editing a 60 -minute interview with former Vice President Camara Harris. Trump also filed a lawsuit in Texas over Harris Segment and urged a internal discussion on how to solve the lawsuit to end the merger. Trump’s objections have created these potential disorders, despite the fact that Redstone and Ellison are both the president’s long -standing supporters.
Redstone, Paramount Global, and Skydance representatives rejected the comments when they contacted them.
