Paramount Faces Investor Backlash Over Exclusive Skydance Merger Talks
Investors express strong opposition to Paramount's decision to enter exclusive merger talks with Skydance Media, citing concerns over fairness and market value.
- Investor Mario Gabelli, a major shareholder, prefers Paramount to remain independent and focus on its turnaround strategy under CEO Bob Bakish.
- Ariel Investments criticizes the lack of competitive bidding in the merger talks, arguing it undermines fair market value.
- Shareholders threaten legal action, fearing the deal favors certain insiders at the expense of general shareholder interests.
- Concerns are heightened by upcoming changes in Paramount’s board, with four directors not seeking reelection amid the merger controversy.
- Investors urge Paramount to consider other bids, including a $26 billion offer from Apollo Global Management, which was not pursued due to financing concerns.
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