Project Rise Partners Backs New York Pension Fund Against Skydance and Paramount Merger

Project Rise Partners Takes a Stand

In a significant move within the entertainment industry, Project Rise Partners (PRP) has filed a friend of the court brief in the Delaware Court of Chancery. This legal action supports the New York City Pension and Retirement Systems in their attempts to Block Skydance's merger with Paramount Global. This initiative underscores PRP's commitment not only to shareholders but also to the many hardworking individuals who have long supported the media titan.

Moses Gross, Co-Chairman of PRP and Managing Trustee of the Malka Investment Trust, expressed confidence in their acquisition offer, stating, "Our proposal stands at an all-cash offer of $8.8 billion, along with a potential $5 billion for restructuring any debts that may pose a challenge." Gross highlighted that their offer exceeds the value of Skydance's proposal by roughly $5 billion, which he claimed would reflect positively for Paramount's shareholders.

Furthermore, Gross articulated a vision for Paramount that goes beyond simple acquisition. In his remarks, he expressed, "We intend to nurture Paramount into a global frontrunner in television and film, while also transforming its historic studios in Los Angeles into a world-class tourist destination." This strategic approach points towards a future where Paramount not only remains intact but flourishes in new and exciting directions.

Daphna Edwards Ziman, Co-Chairman of PRP, echoed similar sentiments, vocalizing strong support for the essential workforce behind Paramount's legacy. "We stand firmly with the shareholders of Paramount, particularly the brave New York police officers, firefighters, and teachers who are an integral part of this historical narrative. Paramount should not be dismantled but rather be allowed to strengthen its cherished legacy as an ambassador of American culture and values."

Commitment to Stability

PRP's direct approach not only highlights its acquisition ambitions but also showcases a commitment to financial stability for Paramount. In light of the current merger negotiations, the acknowledgment of the debt restructuring plan signifies a well-rounded strategy aimed at enhancing Paramount's operational and financial health.

PRP's extensive offer and comprehensive growth strategy involve seasoned leadership in fields critical to Paramount's ongoing success, including content creation, real estate development, and technology integration. This multifaceted approach is designed to lighten potential burdens that the newly formed entity may encounter.

A Call for Consideration

In closing, Moses Gross made a passionate plea to the court, urging them to compel Paramount to take their superior bid seriously. The essence of this appeal reflects PRP’s broader vision: to preserve and reinforce Paramount’s status as a storied player in the American entertainment landscape.

As this legal drama continues to unfold, all eyes will be on how corporations navigate their responsibilities to stakeholders and how such acquisitions will redefine legacies in Hollywood. The stakes are particularly high, involving not only substantial financial figures but also the futures of countless employees and the enduring cultural impact of one of America's most iconic entertainment establishments.