Paramount (PARA) Global has rebuffed an unsolicited $13.5B takeover offer from a consortium of investors called Project Rise Partners and has reaffirmed its commitment to the previously $8B announced merger with Skydance Media and RedBird Capital Partners, Luke Bouma of Cord Cutters News reports. In a statement to Cord Cutters News, a spokesperson for Paramount’s Special Committee emphasized that PRP did not submit a proposal during the 45-day “go-shop” period, nor during the preceding seven-month sale process. The spokesperson stated that Paramount is bound by its agreement with Skydance Media and will not engage with PRP in any way that violates that agreement. Despite the higher offer, Paramount’s Special Committee expressed skepticism about PRP’s intentions, stating that “it is unclear what PRP’s objectives are.”
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