PRP has reportedly claimed the board is obligated to consider its revised offer, although the move has been described by one commentator as silliness
By Matthew Corrigan
Published: January 28, 2025 Updated: January 29, 2025
PRP has reportedly claimed the board is obligated to consider its revised offer, although the move has been described by one commentator as silliness
target=_blank title=Share on LinkedIn class=share-linkedin> PRP has reportedly claimed the board is obligated to consider its revised offer, although the move has been described by one commentator as silliness
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Paramount has said it is bound by its agreement with Skydance Media following a late intervention by PRP Group to stop the sale.
In a statement provided to Deadline, the Paramount Global special committee set up to oversee the sale of the company said it is bound by its agreement with Skydance Media. The statement follows reports that an eleventh-hour offer had been tabled by investment consortium Project Rise Partners (PRP).
Paramount studio gate in Los Angeles (Image credit: Mario Tama/Getty Images) In a legal letter sent to the Paramount board, PRP claimed the company had neglected its duty to shareholders by failing to consider its earlier bid. Lawyers for the group claimed the committee was obligated to consider its all-cash offer, which reportedly increased to $19 per share for the class B stock.
Responding, Paramount stated: The transaction agreement between Paramount and Skydance Media enabled the Special Committee to pursue a superior proposal during the now-expired 45-day go-shop period, during which representatives of the Special Committee contacted more than 50 third parties to determine whether they had an interest in making a proposal to acquire Paramount.
Project Rise Partners did not make a proposal during such period, nor during the prior seven-month sale process for Paramount. It is unclear what PRP's objectives are; however, Paramount is bound by its agreement with Skydance Media and there will not be any engagement with PRP in contravention of such agreement.
The $8 billion Paramount/Skydance deal was agreed last year following protracted negotiations with a number of rival bidders. Paramount's dual-class stock structure with two classes of share ownership led to complications with the process, which became one of the defining media and entertainment business stories of the year.
A Securities and Exchange Commission filing affirmed that PRP's representatives had been in contact with the Paramount committee last year, but their proposal was submitted outside the stipulated go-shop period had expired.
A source close to the merger process has reportedly described the move as silliness , although the deal has come under some scrutiny by the Federal Communications Commission, with newly appointed FCC Chair Brendan Carr receiving reports over Paramount's CBS News' political coverage.
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PRP has reportedly claimed the board is obligated to consider its revised offer, although the move has been described by one commentator as silliness
