Investment group PRP is reportedly attempting to table a last-minute offer, claiming its previous proposal was not presented to shareholders by the Paramount board
By Matthew Corrigan
Published: January 27, 2025 Updated: January 28, 2025
Investment group PRP is reportedly attempting to table a last-minute offer, claiming its previous proposal was not presented to shareholders by the Paramount board
target=_blank title=Share on LinkedIn class=share-linkedin> Investment group PRP is reportedly attempting to table a last-minute offer, claiming its previous proposal was not presented to shareholders by the Paramount board
https://www.tvbeurope.com/business/late-challenge-reportedly-reignites-paramount-takeover-saga title=Share via Email class=share-email>
An investment consortium has mounted a last-minute challenge to the Skydance/RedBird takeover of Paramount Global with an increased offer for the group.
According to Variety, Project Rise Partners (PRP), a consortium of investors featuring Daphna Edwards Ziman, president and co-chairman of Cin moi along with founder and CEO of real estate company ANM Group, Moses Gross, and others including at least one of the richest men in the world, reportedly sent a legal letter to Paramount's board on January 24th, outlining terms of a vastly superior offer to the $8 billion Skydance and RedBird deal.
Ziman and Gross previously fronted an offer for the company which, they say, was never presented to the board. Stressing the directors' duty of loyalty to shareholders, and not advisers or Skydance, the legal letter, prepared by law firm Baker & Hostetler, increases the PRP all-cash offer to $19 per share for the B shares, a 75 per cent premium and 27 per cent more than the Skydance deal, said the report. The offer matches Skydance's offer for the A shares and would add $2 billion to the balance sheet.
Under US regulations, a publicly traded corporation is typically bound to consider any legitimate offer of value that could benefit shareholders . PRP reportedly issued a legal letter in October claiming that Paramount's special committee neglected to consider its previous $8.5 billion offer.
An SEC (Securities and Exchange Commission) filing stated that a member of the committee held a call with a PRP representative on 15th August but did not discuss terms, and that the group's proposal was submitted on August 26th, which fell outside of the so-called go-shop window.
In its letter, PRP states that under its new terms Class B shareholders would own 50 per cent of the equity versus 30 per cent in the Skydance offer. The PRP offer includes an independent board and normal corporate governance. The board committees Skydance plans to eliminate would be retained. B shareholders would receive a vote for the first time in the company's history. Additionally, PRP said it plans to increase the headcount at Paramount Global.
Meanwhile, Brendan Carr, the newly installed chair of the FCC, has reportedly raised concerns over the $8 billion Skydance deal, which has been controversial with shareholders because of its $4 billion valuation of Skydance. PRP has questioned these figures, with its legal letter stating, Skydance reported $25 million in EBITDA in 2023, and Paramount purchased Skydance for $4.75 billion, or approximately 200x trailing earnings. There are no market benchmarks that justify the Skydance valuation, and no independent bidder would pay that price.
Elsewhere, the deal has been seen as potentially politically sensitive. Michigan Representative John Moolenaar, chair of the House China Select Committee has expressed concerns over the Skydance deal because Tencent, a company with ties to the Chinese military, would become a small stakeholder under the terms of the deal. However, a source familiar with the process said it was highly unlikely that regulators would act to stop the binding deal which may be the only way Paramount could back out of the Skydance agreement.
Done deal! Paramount approves $8 billion bid from Skydance Media
Europe Stories
29/01/2025
A suite of five licences can be purchased, upgrading the camera to meet specific requirements as needed
By Matthew Corrigan
Published: January 29, 2025
A ...
29/01/2025
A range of options is reportedly under consideration ahead of the current Royal Charter periods ending in 2027
By Matthew Corrigan
Published: January 29, 202...
29/01/2025
This ambitious initiative, meaning rainbow in Wallisian, aims to replace the existing satellite infrastructure of the Wallis and Futuna Islands
Luxembourg, Par...
29/01/2025
Official trailer revealed for third thrilling instalment of Sky Original drama G...
29/01/2025
Ashley Walters begins production on his debut feature film AnimolWednesday 29 January 2025
Image Credit: Anthony Dickenson
Image available to download HERE
C...
29/01/2025
FilmLight REMOTE delivers high-quality, low-latency remote grading
FilmLight has announced the introduction of FilmLight REMOTE, a singular solution for remote...
29/01/2025
Facebook
Twitter
LinkedIn
Thales Sentinel protects Eyedea technologies bas...
29/01/2025
Facebook
Twitter
LinkedIn
Thales Enrollment Kiosks for credential issuance...
29/01/2025
Vision Research announces the new Phantom T2110 camera with a custom 1-megapixel (Mpx), back side illuminated (BSI) sensor. Ideal for many scientific applicatio...
28/01/2025
Bruno Mars has officially etched his name in the Spotify history books. On Janua...
28/01/2025
In 2014, the music industry reached a low point when global recorded music revenues hit $13 billion. Spotify's annual contribution at the time was around $1...
28/01/2025
EditShare Achieves SOC 2 Type II Certification
Milestone affirms EditShare's commitment to data security and operational excellence
Boston, MA, 28 Januar...
28/01/2025
As well as the 14 honours, the Academy is awarding an Oscar statuette to recognise all the individuals who have developed and supported captioning technology, ...
28/01/2025
PRP has reportedly claimed the board is obligated to consider its revised offer, although the move has been described by one commentator as silliness
By Matthe...
28/01/2025
Luxembourg, 23 January 2025 - SES S.A. announces it has repurchased in the open market an aggregate amount of 99,978,000 principal amount of its 625,000,000 D...
28/01/2025
Multi award-winning series Homicide: Life on the street coming exclusively to Sk...
28/01/2025
Austro Control and Rohde & Schwarz celebrate successful collaboration in moderni...
28/01/2025
Beats, breaks, and brilliance: Hip-Hop & R&B masters inspire the next wave at Lo...
28/01/2025
28. January 2025 News
DFT is proud to announce the first installation of a ...
28/01/2025
Facebook
Twitter
LinkedIn
Thales Alenia Space has signed a contract with the European Space Agency to build the EnVision spacecraft that will unveil Venus...
28/01/2025
Facebook
Twitter
LinkedIn
The Copernicus CO2M mission will meet the Europe...
27/01/2025
Spotify's global editors and artist partnership teams have the pleasure of listening to new music all day, every day, to identify the hottest rising tracks ...
27/01/2025
Spotify remains the ultimate destination for podcast creators, with more than 1 ...
27/01/2025
Cinelab Film & Digital restored the 16mm film, which is believed to have been captured by a film camera recording the film from a TV screen
By Jenny Priestley ...
27/01/2025
TVBEurope catches up with Mike Blackman, managing director, Integrated Systems Events, to hear about how this year's ISE Show will incorporate broadcast tec...
27/01/2025
Investment group PRP is reportedly attempting to table a last-minute offer, claiming its previous proposal was not presented to shareholders by the Paramount bo...
27/01/2025
One family's extreme existence working the treacherous northern waters of Australia is the subject of new series from McAvoy Media.
UKTV has commissioned a...
27/01/2025
Sky Releases the Official Trailer and Key Art for Season Three of The White Lotu...
27/01/2025
Rohde & Schwarz Demystifying EMC 2025 virtual conference provides expert insight...
27/01/2025
Apple today unveiled a new Black Unity Collection to honour Black History Month, and celebrate Black culture and community. Inspired by the rhythm of humanity, ...
27/01/2025
Elaine Crowley became the second celebrity to be eliminated from series eight of Dancing with the Stars last night.
Elaine and pro partner Denys Samson had the...
27/01/2025
A True Crime Podcast Series from RT and R V Iceland
Listen Here
Today, RT and R V (Iceland's public broadcaster) publish a new podcast series Where is J...
26/01/2025
Universal Music Group (UMG), the world leader in music-based entertainment, and Spotify, today announced new, multi-year agreements for Recorded Music and Music...
25/01/2025
Sky becomes the home of Hacks in the UK from the 7 FebruarySaturday 25 January 2025
Sky has exclusively acquired seasons 3 & 4 of multi-Emmy -winning comedy se...
24/01/2025
Yeung took on the role on January 1st, and will continue to serve throughout this year
By Matthew Corrigan
Published: January 24, 2025
Yeung took on the r...
24/01/2025
According to reports, the streamers executives want to develop the company into a $200 billion media group, that would offer subscribers the equivalent of a Spo...
24/01/2025
Most powerful satellite to operate at SES's prime TV neighbourhood of 19.2 degrees East will deliver content to 118 million TV homes
Luxembourg, 19 Decemb...
24/01/2025
Emilia P rez is now the most Oscar-nominated non-English language film in history, with 13 nominations, including the first-ever nods for Zo Salda a and Karla ...
24/01/2025
NIYL is the final act to go through to Eurosong 2025 hoping to represent Ireland at Eurovision 2025
First listen and interview on today's Ray D'Arcy Sh...
24/01/2025
As the country recovers from Storm oywn, Patrick Kielty will have any updates o...
24/01/2025
Facebook
Twitter
LinkedIn
Friday, January 24, 2025 - Thales, KNDS Deutschland, KNDS France and Rheinmetall Landsysteme signed the articles of association ...
23/01/2025
Using media intelligence (currently in beta), editors can search for the type of clip needed, and it will automatically recognise objects, locations, camera ang...
23/01/2025
The upgrade will include additional recording modes, added support for SDI output, proxy recording and more
By Matthew Corrigan
Published: January 23, 2025 ...
23/01/2025
Set to open next January, the facility will feature a 236 square metre sound stage, virtual production technology and a series of labs featuring spatial audio, ...
23/01/2025
Rohde & Schwarz presents R&S ScopeStudio, a PC-based oscilloscope solution to bo...
23/01/2025
CORE is a revolutionary leap ahead in microphone design, blurring the lines of what is acoustically possible, says Helga Volha Somava, Product Management Dire...
23/01/2025
Fresh Voices, Fresh Energy and Fresh Sounds: 2FM Announces Brand New Daytime and...
23/01/2025
Samantha Mumba and EMMY announced as next hopefuls bidding to represent Ireland at Eurovision 2025
First listen and interview on today's Ray D'Arcy Sho...
22/01/2025
Personalized listening is key to unlocking your perfect soundtrack for 2025. It's about more than just hearing your favorites, and at Spotify, we want to he...
Investment group PRP is reportedly attempting to table a last-minute offer, claiming its previous proposal was not presented to shareholders by the Paramount board
