The first lawsuit arrived Wednesday, three weeks after Paramount board members approved an $8-billion, two-phase deal with tech scion David Ellison and his backers.
As expected, Paramount Global shareholders are challenging the terms of the struggling company's proposed blockbuster merger with Skydance Media. The first lawsuit arrived Wednesday, three weeks after Paramount board members — including controlling shareholder Shari Redstone — approved an $8-billion, two-phase deal with tech scion David Ellison and his backers. The deal, which must be approved by regulators, would buy out the Redstone family investment vehicle National Amusements Inc.
' The deal envisions setting aside money to pay Class B shareholders $15 per share if they want to cash out. 'There is not enough cash in the deal to buy out all of the non-NAI Class B shares,' Baker argued. 'Instead, these shareholders will get a mix of cash and Class B stock in the merged entity... only worth $12.23 per Paramount Class B share.' The deal's participants long recognized that the transaction would draw lawsuits.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Barry Diller considers bid for Paramount after Skydance deal falls through- NYTBarry Diller considers bid for Paramount after Skydance deal falls through- NYT
Read more »
Skydance Media revives deal talks, eyes merger with Paramount GlobalSkydance Media revives deal talks, eyes merger with Paramount Global - WSJ
Read more »
Paramount shares pop 9% on news of preliminary Skydance Media dealCNBC's Julia Boorstin joins 'The Exchange' to report Paramount as the stock of the legacy media is trading higher after news of its streaming arm's potential merger talks.
Read more »
Skydance and National Amusements near Paramount deal as special committee reviews termsNational Amusements agreed to a preliminary deal to hand over control of Paramount to David Ellison's Skydance Media, the latest in a messy sales process.
Read more »
Skydance, National Amusements Reach Tentative Paramount Global DealThe on-again, off-again dance between David Ellison's Skydance Media, Gerry Cardinale's RedBird Capital, and Shari Redstone's National Amusements Inc.
Read more »
Skydance reaches tentative deal to acquire controlling stake in ParamountSkydance Media, which co-produced Mission: Impossible films and “Top Gun: Maverick,” has agreed to a preliminary deal, a person familiar with the matter said.
Read more »