Paramount Global Shareholder Sues Over Merger

A lawsuit has been filed to block the proposed $8 billion merger between Paramount Global and Skydance Media, claiming it would inflict a $1.65 billion loss on Paramount's public shareholders. Investor Scott Baker alleges that the deal favors controlling shareholder Shari Redstone and her investment vehicle, National Amusements Inc., while providing significantly lower payouts to other shareholders. The lawsuit argues that the merger is essentially a means for Redstone to liquidate her investment at a premium, with Class B shareholders receiving only $12.23 per share. Baker's suit draws parallels to the controversial CBS-Viacom merger from 2019, which faced similar accusations against Redstone. The outcome of this lawsuit could lead to further legal challenges and reflects ongoing discontent among Paramount's Class B stockholders regarding their treatment in corporate deals. Responses from Paramount Global and NAI have not yet been made public.