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New York City Pension Funds Seek to Pause Paramount-Skydance Merger
Five city pension funds filed for an injunction, as minority investors in Paramount line up to challenge the Skydance merger.
A group of New York City pension funds asked a judge in Delaware this week to issue an injunction that would pause the $8 billion Paramount- Skydance merger. The litigation comes as investors are lining up in Delaware Chancery Court to challenge the deal on the grounds that it is excessively favorable to Shari Redstone, the controlling shareholder. Paramount stockholder Scott Baker filed a $1.65 billion class action complaint last July, arguing that the deal benefits Redstone at the expense of other shareholders.
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