WASHINGTON, March 7, 2025 /PRNewswire/ — Project Rise Partners (PRP) announces that it has filed a letter with the Federal Communications Commission (FCC) urging the Commission to investigate important questions about the proposed merger between Paramount Global and Skydance Media: the influence of a Chinese company reportedly participating in the acquisition over key US television networks and broadcast station licenses in an increasingly unsafe world; Skydance’s approach to bundling practices that sucks the oxygen out of the greenhouse of new content, including new conservative and progressive voices; Skydance’s approach to rising retransmission prices in an inflationary world; and Skydance’s possible plan to replace human talent with bots.
“In filing this letter, PRP joined its voice with those of a chorus of entities, from all walks of life and all ideologies in the media ecosystem, that have also expressed serious and manifold concerns about the Skydance proposal,” said Moses Gross, Co-Chairman of PRP and Managing Trustee of the Malka Investment Trust
“The proposed transaction poses risks of public interest harms to national security in an increasingly insecure world, to new and independent voices in a world where they are increasingly crowded out, and to consumers’ wallets,” added Daphna Edwards Ziman, Co-Chairman of PRP. “It is our hope that the FCC will give serious consideration to the questions raised in our letter.”
A copy of PRP’s full, 13-page letter filed with the Federal Communications Commission (FCC) can be found here: PRP’s Letter to the FCC
PRP is represented by Baker & Hostetler LLP and Steptoe LLP.
Disclaimer: The views shared in this statement reflect the position of Project Rise Partners (PRP).
About Project Rise Partners
Project Rise Partners is Rise Beyond LLC, a special purpose entity formed for the purpose of acquiring Paramount Global, and its members. PRP presented an offer to acquire Paramount Global in August 2024 and increased its offer in January 2025. The value of PRP’s offer is $8.8 billion, plus $5 billion for restructuring of debt, if needed to ensure Paramount’s financial stability. PRP also has a comprehensive growth strategy for Paramount to be implemented by experienced leaders across content, real estate, technology, and other areas central to Paramount’s business.
Cautionary Note Regarding Forward Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties, and on information available as of the date hereof to Rise Beyond LLC, a special purpose entity formed for the purpose of acquiring Paramount Global (“Paramount”), which together with its members is referred to as “Project Rise Partners” or “PRP.” There is no guaranty that PRP will acquire Paramount, and if it does, whether PRP’s plan will play out as expected. Whether before or after any acquisition by PRP, Paramount’s actual results could differ materially from those stated or implied, due to risks and uncertainties associated with its business, which include the risk factors disclosed in its most recent Annual Report on Form 10-K filed with the SEC, subsequent Quarterly Reports on Form 10-Q, and other filings available at SEC.gov. Results could differ material from expectation for unforeseen reasons or for reasons that may become foreseeable at a later time but are not foreseeable now. Any acquisition by PRP of Paramount would be subject to negotiation, regulatory constraints, tax considerations, and other factors, some of which may be outside of PRP’s and Paramount’s control, and any of which could cause actual results to differ materially from those described in this press release.
Forward-looking statements include statements regarding PRP’s or Paramount’s expectations, beliefs, plans, intentions or strategies regarding the future, and can be identified by forward-looking words, including, but not limited to, “anticipate,” “believe,” “could,” “continue,” “estimate,” “expect,” “intend,” “may,” “should,” “will” and “would” or similar words. Forward-looking statements include, without limitation, statements regarding future financial or operating results, PRP’s or Paramount’s plans, objectives, expectations and intentions, and other statements that are not historical facts. PRP expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein in this presentation to reflect any change in PRP’s or Paramount’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Contact
For media inquiries, contact: media@projectrisepartners.com | andre.anderson@deweysquare.com.
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SOURCE Project Rise Partners
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