A Paramount Global shareholder is looking to investigate the media conglomerate’s books surrounding its exclusive merger talks with David Ellison’s Skydance Media.
In a new filing with Delaware’s Court of Chancery, the Employees’ Retirement System of Rhode Island expressed concern that Paramount’s board has “failed to prevent Shari Redstone from diverting corporate opportunities or interfering with Paramount’s ability to seek the best deal for Paramount and its other stockholders.”
The pension fund has requested that a judge order Paramount’s board and management to turn over documents related to the discussions, including:
- Any actual, potential or proposed sale, merger or other business combination involving National Amusements
- Any actual, potential or proposed sale, merger or other business combination involving Paramount or any of its assets, including Paramount Studios
- The actual or potential formation, composition and mandate of any committee of the Paramount Board to evaluate any actual, potential or proposed sale, merger or other business combination involving NAI, Paramount or any of Paramount’s assets, including Paramount Studios
- The Executive Change in Control Severance Protection Plan
- All emails, text messages...