How to stop another Paramount fiasco

High stakes: A scene from the Paramount-produced ‘Top Gun’ movie franchise. The firm’s total market value is around US$9bil. — Bloomberg

THE drama surrounding the future of Hollywood studio Paramount Global turns on one of the most fundamental questions in mergers and acquisitions (M&A): Should shareholders be treated equally in a takeover?

Indeed, this messy situation has become a case study in how ordinary investors in the United States may sometimes suffer in M&A because they lack the formal protections adopted by other major markets.