Matrix Asset Advisors Inc, which currently owns 355,445 Paramount Global (NasdaqGS:PARA) shares on behalf of its clients and itself and has over $1 billion in assets under management, is urging the company to avoid taking a "sub-optimal" bid from Skydance Media (Skydance Productions, LLC) as the companies have entered exclusivity talks about a possible merger, The Wrap's Lucas Manfredi reports. Matrix says it firmly believes in the potential for Paramount to "thrive in the evolving media & entertainment ecosystem," but that it is "distressed" by recent reports that the board is considering Skydance's bid, as it "focuses on monetizing Shari Redstone's shareholding for cash at a significant premium." Matrix says that the transaction, as contemplated, "would be detrimental to the company's value and contrary to the Board's fiduciary duty".
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