It has been some time since Paramount Global PARA -6.92%decrease; red down pointing triangle was valued strictly on its own merits. The results aren't pretty.
Paramount Global's shares are down more than 30% so far this year, while Warner Bros. Discovery's shares are down nearly 36%.
New bidders, including Edgar Bronfman Jr. backed by Bain Capital, have joined the list of potential buyers for NAI to gain control over Paramount Global. I, however, believe not all of the bidders are good news for PARA holders. Shari Redstone, as the voting majority shareholder, alone gets to decide if Paramount Global is to be sold and, if yes, to whom.
A legal threat from investor Mario Gabelli was a "major factor" in this week's implosion of Shari Redstone's deal to merge Paramount Global with Skydance Media.
The media heiress abruptly ended talks with David Ellison's Skydance on Tuesday, even as a special committee of Paramount's board was poised to meet to discuss deal status.
Shari Redstone's National Amusements stopped deal talks for the proposed merger of Paramount Global and Skydance in the eleventh hour and after weeks of negotiations. Paramount Global is now left under the direction of the so-called Office of the CEO — made up of three leaders who replaced Bob Bakish when he stepped down in April.
Paramount Global (PARA) missed out on a CPI-fueled stock rally Wednesday, a day after tumbling following reports controlling shareholder Shari Redstone had called off monthslong merger talks with Skydance Media.
A little over a week after reports surfaced that Paramount Global and Skydance had finally agreed to terms of a merger, that deal appears to have completely fallen apart.
Shares of Paramount Global (NYSE:PARA) are down 1.6% at $10.86 this morning, after the company's largest shareholder, Shari Redstone, eliminated merger talks with Skydance Media.
Paramount Global's majority shareholder Shari Redstone has abruptly ended talks for a potential merger with David Ellison's production company Skydance Media, effectively killing the deal that was in the works for several months.
When David Ellison's Skydance made a play for Paramount last fall it was how and when (not if) Shari Redstone would tie the knot. Paramount and Skydance worked together. He valued the studio and its crown jewel of a backlot and planned to keep the company together.
Firms unable to reach agreed upon terms amid speculation over future of the media empire behind CBS and MTV