Paramount investor says Skydance bid detrimental to company value, Wrap reports

Matrix Asset Advisors, which currently owns 355,445 Paramount Global shares on behalf of its clients and itself and has over $1B in assets under management, is urging the company to avoid taking a “sub-optimal” bid from Skydance Media as the companies have entered exclusivity talks about a possible merger, The Wrap’s Lucas Manfredi reports. Matrix says it firmly believes in the potential for Paramount to “thrive in the evolving media & entertainment ecosystem,” but that it is “distressed” by recent reports that the board is considering Skydance’s bid, as it “focuses on monetizing Shari Redstone’s shareholding for cash at a significant premium.” Matrix says that the transaction, as contemplated, “would be detrimental to the company’s value and contrary to the Board’s fiduciary duty.”