NYC Funds Challenge Paramount-Skydance Deal, Seek Bidding War

New York City’s public pension funds are asking a judge to make Paramount Global’s board consider an 11th-hour bid that could scuttle its $8 billion merger with Skydance Media LLC.

The shareholder lawsuit unsealed Monday is the latest in a flurry of court activity concerning the transaction, which would hand Paramount’s reins to producer David Ellison and backers led by his father, billionaire Oracle Corp. founder Larry Ellison. The filing comes about two weeks after a Paramount board committee said it was contractually bound to ignore a $13.5 billion topping bid from an investor consortium called Project Rise ...