Paramount Global (PARA)'s $8 billion sale to Skydance Media could be blocked from closing after a Delaware judge agreed to consider a class action lawsuit alleging that the sale short-changes public shareholders, Reuters reported Thursday citing a court filing.
Pension funds for New York City employees that own Paramount stock filed a class action lawsuit in Delaware's Court of Chancery saying that a special committee of Paramount's board did not consider a $13.5 billion proposal to acquire Paramount, according to the report.
Chancellor Kathaleen McCormick agreed to expedite the pension funds' lawsuit but declined to issue a temporary restraining order to block the deal, Reuters said.
Paramount and Skydance did not immediately respond to MT Newswires' request for comment on the matter.
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