A special committee from the Paramount Global Board of Directors says that it is “obligated” with a suspended compatibility with the Skydance Media and will not consider a 11 -hour offer from a competitor's bidder.
In a statement submitted to the deadline, a committee spokesman said last year to assess opportunities and direct a merger, the Rise Project partners in the investment group said effectively to the party.
“The transaction agreement between Paramount and Skydance Media has enabled the Special Committee to follow up on a superior proposal during the first leg, which lasted for 45 days, where representatives of the Special Committee contacted more than 50 third parties to determine whether they have and said the statement” The interest in submitting a proposal to obtain Piramont has not submitted a proposal during this period, nor during the seven -month -old sale of Paramount. It is unclear what are the goals of PRP; However, Paramount is committed to its compatibility with Skydance Media and there will be no participation with PRP in a violation of such an agreement. ”
The Paramount-Skydance Deal was appointed last summer after an epic that lasted for months, as many parties are looking to throw its hat in the ring for the basic pillar of Hollywood, which dates back to a century. Barry Deller, Sony Pictures Entertainment, Apollo's Global Administration and a group of investors led by Sigram Edgar Bronfman Junior from among the fiancées, but heavenly was able to partially prevailing because of his long ties with Paramount as a co -financing partner. Skydance David Ellison, supported by his father, co -founder of Oracle founder, Larry Ellison, was seen as large resources and passion for investment in the company's basic, television and flowing company.
After many offers from Skydance, the company and Paramount agreed to the treatment of two steps of about $ 8 billion. The double structure of the Paramount shares made the exact points of the deal difficult to reduce, with a number of stakeholders accused of controlling the shareholders of Shari REDSTONE from strengthening its own interests at the expense of holders of the Class B. Although complaints have shrunk with Skydance sweetening.
Project Rise Partners sent to the committee a message on Friday to advise them that the commission was obligated to look at its presentation, which schools described as superior to the Skydance deal of $ 8 billion. The letter said that the PRP offer was “increasing”, to $ 19 per category B share, compared to $ 15 provided by Skydance, according to a report submitted diverse. (I also reported last October about the PRP incitement to look at it.)
It is strange that the message has also stumbled with Skydance in terms of employees. She emphasized that PRP (among her supporters DAPHNA EDWARDS ZIMAN, co -head of Cinémoi TV, and real estate financing Exec Moses Gross) will actually add to the Paramount runway, unlike the wide cuts that reshape entertainment. Despite the major resources investment plans of Elisons and Redbird Capital, the minority partner in the Paramount Up Paramount, it is expected that the Paramount's job discounts are expected to once control Skydance. Among other things, the company faces great challenges in managing its big linear TV assets, and last year indicates Wall Street when it took $ 6 billion on the value of its cable networks.
When the Skydance offer was first accepted by the Special Committee last summer, the agreement stipulated that the 45-day “Go-Shop” window will enable the council to explore alternatives. As the SEC file confirmed several weeks ago, the representatives of the Project Rise Partners were in contact with the Special Committee, but their proposal was submitted until several days after the end of the communication period.
It is the idea of the development of the last minute to Melodrama Mergrama that stimulates the migraines of some observers. “It is just a ridiculousness. The expansions of the group of investors come with a decrease in the deal in a new scrutiny from the organizers of the Federal Communications Committee, which was exposed to the issue with political coverage by CBS News.
The Chairman of the Federal Communications Committee, Brendan Car, who was appointed to the position by President Trump, has revived complaints about “CBS” by CBS because of its editing 60 minutes An interview with former Vice President Kamala Harris. Trump has also filed a lawsuit in the Texas on the Harris sector, which prompted an internal discussion in Paramount and Skydance about possible settlement offers designed to allow integration to move forward. Trump's objections create these potential barriers despite the fact that Redston and Ellis have long supported the president.
Representatives of Redstone, Paramount Global and Skydance refused to comment when calling it on the deadline.
