Paramount stock popped 15% on Friday: find out why
Shares of Paramount Global (NASDAQ: PARA) popped 15% today following reports that Skydance Media and RedBird Capital are interested in buying the mass media conglomerate.
National Amusements has majority stake in ParamountCopy link to section
Skydance and RedBird are considering going about it via National Amusements that currently owns about 77% of Paramount’s Class A (voting) shares.
But talks are in preliminary stages only – so a potential deal, if it indeed materialises, could take many forms. For example, the potential suitors could choose to invest in Paramount Global instead of buying it outright, as per the Information.
Last month, the Nasdaq-listed firm said encouraging subscription trends helped its revenue exceed Street estimates in its third financial quarter.
At writing, Paramount stock is up a whopping 60% versus its recent low in late October.
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Paramount recently announced a deal with KKRCopy link to section
Interestingly, Shari Redstone – the President of National Amusements is discussing the prospect of a deal with others as well, as per Puck News.
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Neither the movie theatres operator nor RedBird or Skydance has so far commented on the reports on Friday.
The news arrives shortly after Professional Fighters League acquired the majority stake of Paramount Global in Bellator for an undisclosed amount. The multinational entertainment firm unloaded Simon & Schuster to KKR for $1.62 billion in August as well.
Then in November, the New York-headquartered company filed an Executive Change of Control Severance Protection Plan with the Securities & Exchange Commission of the United States as well. Wall Street currently has a consensus “hold” rating on Paramount stock.
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