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.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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