Paramount shareholders grow increasingly vocal about possible Skydance Media merger

A view of Paramount Studios's water tank as SAG-AFTRA members walk the picket line outside during their ongoing strike, in Los Angeles, California, U.S., September 26, 2023. REUTERS/Mario Anzuoni/File Photo, calling on the U.S. media conglomerate to look at other options and to treat shareholders equitably if this deal should be inked.

"Any merger talks that forego competitive bidding in favor of an exclusive discussion with a single buyer, particularly where the reported control premium differentiates the financial position of a single shareholder over all other shareholders, is averse to the fair market value of a company," Ariel said in a statement.

Deal talks between Skydance and Paramount have advanced to due diligence, which begins next week, sources said. Billionaire investor Mario Gabelli told Reuters he expects the investors who own the remaining 10 million voting shares to be treated equally. Gabelli Funds owns 11.76% of Class A voting shares of Paramount, according to LSEG.

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Paramount Global's board enters exclusive merger talks with Skydance MediaMembers of Paramount Global's board have chosen to enter into exclusive merger talks with Skydance Media, favoring the independent studio over a $26 billion offer from Apollo Global Management. The talks, if successful, would end Shari Redstone's control of the media empire built by her father.
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