Matrix Asset Advisors Inc, which currently owns 355,445 Paramount Global (NasdaqGS:PARA) shares on behalf of its clients and itself and has over $1 billion in assets under management, is urging the company to avoid taking a "sub-optimal" bid from Skydance Media (Skydance Productions, LLC) 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".
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12.56 USD | +1.91% | -2.38% | -15.38% |
04:01am | Sony Shares Jump After Profit Beat Estimates, Concerns Ease About Paramount Bid | DJ |
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EPS Revisions
1st Jan change | Capi. | |
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-15.38% | 8.61B | |
+10.58% | 16.25B | |
-14.82% | 8.28B | |
0.00% | 4.65B | |
+26.61% | 4.26B | |
+23.74% | 3.97B | |
+5.22% | 3.57B | |
+45.64% | 2.72B | |
+14.25% | 2.5B | |
+23.72% | 2.11B |
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