Paramount Global Rejects Last-Minute Bid from Project Rise Partners, Reaffirms Skydance-RedBird Sale Amid Lionsgate Separation

Paramount Global has officially rejected a last-minute counteroffer from Project Rise Partners, reaffirming its commitment to the sale of its assets to Skydance and RedBird. The Paramount Board's Special Committee stated that it is 'bound' by the merger agreement with Skydance, indicating that there will be no engagement with rival bidders. This decision comes amid discussions of potential legal ramifications regarding the bidding process, as some speculate on the financial implications for Skydance if the rules were changed at this late stage. Meanwhile, Lionsgate is reportedly nearing a separation of its studio and Starz, marking a significant shift in the media landscape.