Shares of Paramount Global tumbled Wednesday as several of the company's directors are stepping down as merger talks continue between the historic studio and tech scion David Ellison. It's the latest sign of unease at the media company amid negotiations between Ellison and Paramount's controlling shareholder, Shari Redstone, which would lead to the combination of Ellison's Santa Monica-based film and TV production company Skydance with the storied entertainment giant.
The investment firm urged the board not to accept a “sub-optimal” offer from Skydance, and instead more seriously consider a competing $26-billion bid from private equity giant Apollo Management Group. Blackwood Capital Management, too, urged the board to explore Apollo's offer, writing, 'The last thing the company shareholders need is yet another silver-spooned movie enthusiast to run our entertainment company into the ground.
Source: News Formal (newsformal.com)
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