Paramount Global Stock Falls as Shareholder Blasts Skydance Deal

NEWARK, Del. - April 10, 2024 - PRLog -- A decrease in the value of Paramount Global (PARA) shares occurred when Matrix Asset Advisors, an investor, expressed their worries over the proposal made by Skydance Media, which is owned by David Ellison, to acquire the entertainment behemoth.

According to a letter that Matrix submitted to the board of directors of Paramount, which was seen by Investopedia, the business said that a prospective merger between controlling shareholder Shari Redstone and Skydance would be "detrimental" to the value of the company.

Rather of accepting what it referred to as a "sub-optimal" offer from Skydance, it recommended that members not accept the offer and instead requested that the corporation reconsider a proposal from Apollo Management Group, a private equity firm. Furthermore, Matrix said that it was "especially galling" that the Apollo offer was not taken into serious consideration after all.

The media behemoth was reportedly contemplating making its sale discussions exclusive with Skydance, according to a story that was published in the New York Times last week. In addition, the Times said that Apollo, which had first proposed an offer of eleven billion dollars for the movie studio owned by Paramount, then stated that it would purchase the whole firm for more than twenty-six billion dollars.

Matrix expressed their dissatisfaction with the possible purchase, stating that it would only serve to further the interests of one stakeholder, Redstone, to the exclusion of all others. According to Matrix, the company has 355,445 shares.

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