Get the latest gossip
Paramount Board’s Special Committee Says It Is “Bound” By Merger Pact With Skydance; “There Will Not Be Any Engagement” With Rival Bidders
Paramount Global's board committee says its "binding" merger agreement with Skydance Media means a rival, 11th-hour offer won't be considered.
Barry Diller, Sony Pictures Entertainment, Apollo Global Management and a group of investors led by Seagram heir Edgar Bronfman Jr. were among the suitors, but Skydance was able to prevail in part due to its longstanding ties with Paramount as a co-finance partner. The dual-class structure of Paramount stock made the fine points of the deal tricky to nail down, with a number of stakeholders accusing controlling shareholder Shari Redstone of furthering her own interests at the expense of holders of Class B shares. It asserted that PRP (whose backers include Daphna Edwards Ziman, co-chairman of TV network Cinémoi, and real estate finance exec Moses Gross) would actually add to Paramount’s headcount, in contrast with the widespread cutbacks reshaping the entertainment business.
Or read this on Deadline