Paramount Global (PARA) shares declined after investor Matrix Asset Advisors raised concerns about the bid by David Ellison's Skydance Media to t🎀ake over the entertainmeওnt giant.

In a letter to Paramount’s board seen by Investopedia, Matrix wrote that a potential deal between contro🌌lling shareholder Shari Redstone and Skydance would be “detrimental” to the company’s value.

It advised members not to accept what it called a “sub-optimal” offer from Skydance, and instead insisted the company revisit a proposal from 澳洲幸运5官方开奖结果体彩网:private equity firm Apollo Management Group.♐ Matrix added that it was “especially galling” that the Apollo offer was not seriously considered.

Last week, 澳洲幸运5官方开奖结果体彩网:the New York Times reported that the media giant was considering making its sale negotiations exclusive with Skydance. The Times also reported last week Apollo, which had initially offered $11 billion for Paramount's movie studio, later said it would buy the entire company for more than $26 billion.

Matrix complained that th🦩e rumored acquisition would simply benefit the interest of one shareholder (Redstone) over all the others. Matrix noted it holds 355,4♎45 shares.

The firm also praised moves by the current leaders to boost Paramount's financial picture, saying “we implore the Board to support management's efforts in realizing the company's full value.”

Paramount shares fell 7.6% to finish Monday's session at $11.06. Paramount's stock has lost a quarter of its value since the start of the year.