Paramount shareholders grow increasingly vocal about possible Skydance Media merger

- Some Paramount Global investors are speaking out about a possible merger with Skydance Media, calling on the U.S. media conglomerate to look at other options and to treat shareholders equitably if this deal should be inked.

Exclusive talks between the two parties began days after private equity firm Apollo Global Management submitted a $26 billion all-cash offer for Paramount Global that was described by two people familiar with the offer as "extremely preliminary." Paramount's enterprise value at the end of 2023 was about $22.5 billion.

For some investors, a possible deal with Skydance raises other questions, namely how they would be treated compared with Redstone, whose family controls 77% of Paramount's Class A voting shares, according to LSEG. Meanwhile, four independent members of Paramount Global's board will step down at the company's annual shareholder meeting on June 4. Former Spotify chief content officer Dawn Ostroff, former Sony Entertainment President Nicole Seligman, Redstone attorney Robert Klieger and investment banker Frederick O. Terrell will leave, as the board shrinks from 11 members to seven.

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