Project Rise Partners Defends $13.5 Billion Paramount Bid Amid Legal Disputes

LOS ANGELES, Calif. — Investment group Project Rise Partners (PRP) has publicly asserted the legitimacy of its $13.5 billion offer for Paramount Global amidst ongoing allegations and a legal challenge from competitor Skydance Media.

In January 2025, PRP submitted a bid it claims not only surpasses Skydance’s $8 billion offer but also includes an additional $5 billion earmarked for potential debt restructuring aimed at stabilizing Paramount’s finances. However, the Paramount special committee, tasked with evaluating merger and acquisition proposals, rejected PRP’s offer, stating that the window for competing bids had closed.

In recent filings, New York City pension fund lawyers argued that the controlling shareholders of Paramount, particularly Shari Redstone, failed to maximize shareholder value by dismissing PRP’s proposal. They emphasize a need for thorough consideration of all offers to protect investor interests.

Skydance lawyers have responded with accusations, suggesting PRP misrepresented its financial backing and partners during the bidding process. They claim that PRP incorrectly listed Acquarian Holdings, a RedBird portfolio company, as a financial backer. Furthermore, they argue that PRP inaccurately stated Blackstone‘s involvement as an investor and identified Goldman Sachs as a financial adviser without assurances from either organization.

In its defense, PRP’s legal team emphasized that the allegations from Skydance are unfounded. They stated that Acquarian Holdings had verbally committed to a $4 billion investment if a deal were finalized and clarified that Blackstone was listed as a potential investor while Goldman Sachs showed willingness to serve as an adviser, subject to due diligence.

“PRP is real, has real money backing its offer, and has real expertise,” the firm stated in a March 14 release. They argue that Skydance’s claims are designed to intimidate potential investors and divert attention from their ongoing legal proceedings in Delaware.

Daphna Edwards Ziman, co-chair of PRP, contended, “Skydance wants to change the subject from the fact that its transaction with Paramount is facing warranted scrutiny in the Delaware Chancery Court.” PRP asserts that their business practices are transparent and their bid credible.

Skydance, in its filings, criticized PRP’s leadership, claiming they lack the credibility necessary for executing a deal of this scale, citing Ziman’s previous bankruptcy experience with Cinémoi as a significant risk factor. They allege that PRP’s bid aimed to rescue Ziman’s failing enterprise.

The ongoing Skydance-Paramount acquisition is still awaiting approval from the Federal Communications Commission (FCC), particularly due to implications for CBS-owned local stations. Allegations have also surfaced, suggesting Skydance has begun influencing Paramount’s operations even before the deal’s completion.

PRP’s recent FCC submissions highlighted concerns that the integration process has already commenced, leveraging claims that executives like Jeff Shell of RedBird are exerting undue pressure on CBS News regarding legal matters involving former President Trump.

FCC Chairman Brendan Carr has indicated that these allegations will be reviewed comprehensively as part of the FCC’s assessment of the pending Skydance-Paramount acquisition.