10:55 AM EDT, 04/08/2024 (MT Newswires) -- Paramount Global ( PARAA ) shareholder Matrix Asset Advisors on Monday raised concerns over Skydance Media's offer to acquire the entertainment company and urged its board to consider Apollo Global Management's ( APO ) offer.

Skydance's "sub-optimal" offer focuses on monetizing Paramount Chair Shari Redstone's controlling stake in the company at a "significant premium" while most shareholders would not receive the same value, Matrix Chief Investment Officer David Katz said in a letter to Paramount's board.

"Overall, this transaction, as contemplated, would be detrimental to the company's value and contrary to the board's fiduciary duty," Katz said.

Matrix, which owns 355,445 shares of Paramount, also asked the company to provide Apollo the same consideration to perform diligence and confirm financing, according to the letter.

Paramount, Skydance, and Apollo did not immediately respond to a request for comment by MT Newswires.

Paramount's Class B shares fell nearly 6%, while its Class A shares rose 1.3% in recent trading. Apollo added 0.9%.

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