GAMCO Says Paramount Board Should Review Project Rise Partners’ Offer for Company

GREENWICH, Conn.--(BUSINESS WIRE)-- GAMCO reviewed Project Rise Partners “Open” Letter to Paramount Shareholders published on the Globe News Wire at 11:56 a.m. today. The letter addresses the offer Project Rise Partners made for Paramount at a price per share higher than the current merger price. Notwithstanding the expiration of the “Go Shop” period on August 21, 2024, Paramount’s Board has an obligation to consider any serious proposals prior to the finalization of the deal. GAMCO believes Paramount should respond to this offer and explain why it is not being or was not considered.

GAMCO’s Operation Fishbowl continues to receive documents, albeit at glacial speed, in response to a Delaware 220 Books and Records request. GAMCO’s request is an effort to ensure that Paramount shareholders receive comparable value for their shares as the control shareholder. To date, the materials received do not contain sufficient information to value NAI’s Paramount holdings and non-Paramount assets. GAMCO continues to believe this information is necessary to evaluate the consideration being paid to Paramount’s control shareholder. GAMCO Portfolio Manager Christopher Marangi commented that, “It remains unknown what NAI is receiving on a per share basis for their control ownership of Paramount.” GAMCO remains fully committed to obtaining this information essential to protect our clients’ assets.

GAMCO Investors, Inc., through its subsidiaries, manages assets of private advisory accounts (GAMCO), mutual funds and closed-end funds (Gabelli Funds, LLC) and is known for its Private Market Value with a Catalyst™ style of investment.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241025164796/en/

Christopher Marangi

Co-CIO, Value

(914) 921-5219

For further information please visit

www.gabelli.com

Source: GAMCO Investors, Inc.

FAQ

What is Project Rise Partners' offer for Paramount compared to the current merger price?

According to GAMCO's review, Project Rise Partners has made an offer for Paramount at a price per share higher than the current merger price, though specific figures were not disclosed in the press release.

When does the 'Go Shop' period expire for Paramount's merger deal?

The 'Go Shop' period for Paramount's merger deal expires on August 21, 2024.

What is Operation Fishbowl and what is its purpose?

Operation Fishbowl is GAMCO's initiative to obtain documents through a Delaware 220 Books and Records request, aimed at ensuring Paramount shareholders receive comparable value for their shares as the control shareholder.

What information is GAMCO seeking regarding Paramount's valuation?

GAMCO is seeking information to value NAI's Paramount holdings and non-Paramount assets, specifically focusing on understanding what NAI is receiving on a per share basis for their control ownership of Paramount.