Skydance Demands That Paramount Stops Negotiating With Bronfman
In a letter from its lawyers, Skydance accuses Paramount’s committee of directors of violating the terms of its deal
Skydance Media is accusing Paramount’s special committee of directors of breaching the terms of its deal by extending the period of time when it can engage with other bidders for the company, according to a letter viewed by The Wall Street Journal.
“While Skydance is not currently exercising its right to terminate the Transaction Agreement, we reserve the right to do so in the future,” Skydance’s attorneys wrote in the letter, which was sent Thursday.
Paramount on Wednesday extended the “go shop” period—a window during which the committee can solicit and review bids—until Sept. 5, after it received a $6 billion deal proposal from Edgar Bronfman Jr. for Shari Redstone’s National Amusements, her family company that controls Paramount, and a stake in Paramount. The “go shop” period was originally slated to expire at the end of Wednesday.