11:15 AM EDT, 04/26/2024 (MT Newswires) -- Paramount Global's ( PARAA ) board should let the Skydance Media exclusivity period expire on May 3 to give others "a fair chance" to bid for Paramount, Matrix Asset Advisors said Friday.

The activist investor said that several other big shareholders have also weighed in negatively on the potential Skydance deal since the publication of Matrix's April 8 letter that called the bid from Skydance as "sub-optimal."

"There is near-universal agreement among the Paramount shareholders that the Skydance deal is a bad deal and not in their interests," Matrix President and Chief Investment Officer David Katz said in an April 26 letter to Paramount's board.

Paramount didn't immediately respond to a request for comment from MT Newswires.

The company's shares were down 1.7% in recent trading.

Price: 11.98, Change: -0.21, Percent Change: -1.68