Tag: $Paramount

Paramount Global shareholders got some good news late Monday: media mogul Edgar Bronfman Jr. solidified his play for the entertainment giant with a $4.3 billion bid that could put its proposed merger with David Ellison’s Skydance on ice.

Paramount Global is cutting 15% of its U.S. workforce, or about 2,000 jobs, part of a broader cost-cutting plan as it prepares for a merger with Skydance Media.

Paramount Global will merge with Skydance, capping off a months-long negotiation that included various twists and turns, and will see the Redstone family step away from control of the storied movie studio and media company.

Paramount Global shares dropped 7.8% late in Tuesday’s regular trading session and continued falling after hours on reports that Shari Redstone’s National Amusements, majority owner of the media company, had called off discussions about a possible deal with Skydance Media.

Skydance Media’s revised offer to buy Shari Redstone’s family company National Amusements and merge with Paramount Global gives the entertainment conglomerate’s nonvoting shareholders an option to cash out at a premium, according to people familiar with the matter.

Paramount Global’s board is preparing to fire Chief Executive Officer Bob Bakish as soon as Monday morning, according to people familiar with the matter.

 Shares of Paramount Global rose more than 9% in premarket trade on Friday, after Reuters reported Sony Pictures Entertainment and Apollo Global Management were discussing a joint bid to acquire the media company.

Paramount Global stock soared on reports that the beleaguered media company and Skydance moved closer to a merger deal, according to The Wall Street Journal.

Private equity firm Apollo Global Management has offered $11 billion for Paramount Global’s Paramount Pictures film studio, a person with knowledge of the offer said on Wednesday, adding to takeover interest in the media conglomerate.

Paramount Global long the subject of talk that it might be sold, continued to balance a fast-growing but unprofitable streaming business with a collection of declining television and movie assets in late 2024.

Paramount Global announced Tuesday it is laying off about 800 employees, or roughly 3% of its workforce, according to a person familiar with the matter.

Roughly 123.4 million people watched the Kansas City Chiefs defeat the San Francisco 49ers at the Super Bowl on TV and streaming platforms, the most-watched Super Bowl ever, according to preliminary Nielsen ratings released by CBS on Monday.

Paramount Global stock jumped in premarket trading Wednesday after a report said media mogul Byron Allen has offered $14 billion to acquire the company.

Paramount Global shares rose 3% in premarket trade, as CNBC reported that David Ellison’s Skydance Media is interested in leading a deal to buy the media company.

 Skydance Media CEO David Ellison is exploring an all-cash bid to acquire entertainment giant Paramount Global’s parent National Amusements, a person familiar with the matter said on Wednesday.

Paramount stock extended gains in premarket trading Monday after a report that the parent of Paramount may be sold.

Shares of Paramount  were rising after The Wall Street Journal reported the media company may bundle its streaming services with Apple.

The streaming wars are no longer just about subscriber growth. Paramount Global added just 700,000 subscribers in the second quarter, compared to 4.1 million in the first quarter.