Ever since the Skydance Media deal was announced, some Paramount investors have accused controlling shareholder Shari Redstone of pursuing David Ellison’s offer to enrich herself.
But an SEC filing suggests that reality is more complicated, with the special committee carrying out a long and tiresome process to find a deal that would appease both Redstone and shareholders. The committee reached out to over 50 parties before landing on the $8 billion merger deal, which included a provision for a 45-day go-shop period to find a better offer.
“The 45 days was designed to stack the deck in favor of Skydance’s bid, but it looks like they did have a lot of interest,” Lloyd Greif, CEO of the Los Angeles-based investment banking firm Greif & Co.,