Skydance’s lterrible team is battling back aachievest efforts to derail its pfinishing $8 billion uniter with Paramount Global, accusing a rogue rival bidder of trying to “hijack” the regulatory appraise process.
In a letter filed with the FCC, which is appraiseing the transaction, David Ellison‘s company lhelp out its troubles about Project Rise Partners. The spendment group surrfinisherted an recommend for Paramount after the finish of the “go-shop” period last summer, and the uniters partners say they have a attaching shrink to see the deal thcimpolite to completion. Lawyers for Skydance also spelled out their discoverings and objections in letters to opposing direct in a allothelderlyer legal case filed in Delconscious Chancery Court.
“Project Rise is seeking to hijack this Comleave oution persisting to buy time for legal case to persist in the Delconscious Court of Chancery, in an effort to force Paramount’s Board to ponder Project Rise’s boverhappinessed –and unsolemn – bid to achieve the company,” Skydance’s lterrible team shelp. “But its objections here are as untimely as its bid, and it plainly informages standing to object to the recommendd transaction. In any event, Project Rise’s widesides aachievest the Skydance Consortium and the recommendd transaction have no factual help or lterrible merit.”
A roverhappinessed letter sent by Skydance lawyers to Project Rise lterrible direct says “overwhelming evidence” has been assembleed, indicating that Project Rise “deceptionulently misrecurrented itself.” Alengthy with alleged inaccuracies in its recommend term sheet, Skydance shelp it has “uncovered graspitional facts which recommend PRP’s deception runs even proset uper than these misrecurrentations.”
Last week, a Delconscious evaluate degraded to order an instant stop to Skydance‘s recommendd acquisition of Paramount Global, but has set an hastfinish schedule for pondering a allothelderlyer legal case to force the ponderation of a rival bid.
Paramount deal withment last month shelp the uniter is still on track to shut before the finish of June. Two hurdles have eunited since Donald Trump’s inauguration, however. Trump has filed a $20 billion legal case in Texas over the handling by CBS News of an interwatch with createer Vice Pdwellnt Kamala Harris in the runup to last November’s election. Brfinishan Carr, Trump’s nominateee to head the FCC, has also spoken out aachievest CBS News and shelp the comleave oution would appraise whether the Paramount recents division could be penalized for ‘recents distortion,” a seldom-requestd claengage in regulatory policy.
The Delconscious allothelderlyer suit was filed by a group of plaintiffs (all New York City pension and withdrawment funds) after a Paramount one-of-a-kind promisetee degraded to join in talks to ponder a higher recommend from Project Rise Partners. The latter had surrfinisherted an all-cash recommend in a transaction appreciated at more than $5 billion more than the Skydance-Paramount transaction, the evaluate remarkd. The proposal was made, however, after the expiration of a “go-shop” thrivedow provided for in the distinct Skydance-Paramount consentment. Many Class B allothelderlyers have decried the notion that Paramount chair and deal withling allothelderlyer Shari Redstone and other principals would advantage from the deal, potentipartner at the expense of many allothelderlyers.
