Skydance Media’s proposed $8 billion deal to take over Paramount Global has taken yet another turn with one Paramount investor launching a legal challenge to stop the deal.
The lawsuit submitted by investor Scott Baker claims the deal would cost Paramount shareholders $1.65 billion, reports Reuters.
The claim adds that the main aim of the merger is to acquire Shari Redstone and National Amusements’ investment in the company. “That payout is only worth $12.23 per Paramount Class B share. Thus, when the merger closes, the non-NAI Class B shareholders will suffer $1.65 billion in damages,” the lawsuit added.
According to the report, Baker’s lawsuit could lead to more claims from other shareholders.
Skydance and Paramount announced earlier this month that they had reached agreement on the deal after months of on-again-off-again talks.
