NEW YORK - Hedge fund Barington Capital on Friday urged Paramount Global to scrap its exclusive merger talks with Skydance Media, arguing all shareholders would benefit if the company looked at other potential bidders.
"We strongly object to the Special Committee's decision to enter into an exclusivity agreement with Skydance – or any party for that matter," Barington portfolio manager James Mitarotonda wrote to the Paramount board."By choosing not to negotiate with other parties or permit them to conduct due diligence, the Special Committee has effectively chilled the process."
Skydance is negotiating separately to acquire National Amusements , a company that holds the Redstone family's controlling interest in Paramount, according to a person familiar with the deal terms. That transaction is contingent upon a Skydance-Paramount merger."Redstone is free to enter into any transaction for NAI that she chooses on terms that she deems acceptable. However, the board and the special committee cannot allow Ms.
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