Ariel Investments Demands Paramount Explain 'Disturbing' Board Departures Amid Skydance Exclusive Talks
27/04/2024 04:15
Ariel Investments is calling on Paramount Global to provide more transparency into its recent board changes and ongoing merger talks with Skydance Media. The firm, which owned a 1.8% stake in Paramount as of the end of 2023, recently expressed concerns about the exclusive discussions with David Ellison, arguing that sidestepping competitive bidding would be "averse to fair market value." It also warned that any transaction that benefits controlling shareholder Shari Redstone at the expense of the rest of Paramount's investors is "unacceptable." In a letter to clients on Friday, . . .
