A consortium led by David Ellison’s Skydance is nearing the finish line on its new deal to acquire Paramount Global.
The Hollywood Reporter’s Post
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So, no deal for National Amusements, no permanent CEO in the seat at Paramount, and stock down close to 10%. Fair to say it’s not the greatest day for Shari Redstone. The big issue now for Paramount is how quickly can they navigate the ship back to calmer waters - either with an alternative deal, or a definitive step to shore up the management team and the board, and commit to a stand alone future for the time being. From prior experience, plenty of employees are likely looking around for alternative employment right now, and if Redstone and the executive team don’t move quickly, they’ll lose top talent and further reduce their ability to drive success in the future.
Exclusive | Redstone’s National Amusements Ends Deal Talks With Skydance
wsj.com
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New York Times best-selling author. Founding partner, Puck. Regular contributor to New York Times, AirMail, Financial Times. Formerly, Special Correspondent Vanity Fair. CNBC Contributor
To really understand the crazy dynamics of the Paramount Global sale process, you have to think about it in a whole new way: from the perspective of the special committee to the Paramount board of directors and the thin blue line they are trying to thread. I tackle this in my latest column for Puck
The Paramount Sale Vulcan Chess Theory
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🆕 #TMTnews 🔗 THE PARAMOUNT SAGA IS NOT OVER David Ellison's Skydance in Preliminary Agreement to Acquire National Amusements and Merge with Paramount 🎥📈 David Ellison's Skydance Media has reached a preliminary agreement to acquire National Amusements for $1.75 BLN 💰, reigniting deal talks that stalled last month. This acquisition, subject to approval by a special committee of Paramount’s directors, aims to merge Skydance with Paramount Global. National Amusements, owning 77% of Paramount's voting shares 📊, has referred the deal to this special committee for review. The proposed deal includes a 45-day "go-shop period" allowing other bidders to make offers 🛍️. Paramount's iconic portfolio, including CBS, #MTV, and Nickelodeon 📺, has faced challenges with declining cable business 📉, heavy debt, and expensive streaming expansions. Skydance's pursuit of Paramount has been a complex process marked by financial negotiations and previous deal rejections 🤝. The preliminary agreement excludes a previously contentious mandate requiring majority approval from non-Redstone shareholders. Skydance had initially offered $1.7 BLN in cash, $4.5 BLN for certain Paramount shares, and a $1.5 BLN balance sheet injection to reduce debt 📉. Paramount's stock rose over 6% following news of the deal 📈. Amid this, Paramount's leadership, now a trio of divisional heads, targets $500 MLN in annual cost savings 💸 and explores international streaming partnerships to mitigate costs 🌍. Plans for further layoffs in corporate marketing and streaming are underway, reflecting ongoing efforts to manage over $14 BLN in debt and adapt to evolving media landscapes. #Skydance #ParamountGlobal #NationalAmusement #Merger https://lnkd.in/egPssBW7
Skydance Media’s Deal to Buy Shari Redstone’s Family Company Is Back On
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With Paramount in Chaos and Its Future Uncertain, Its Chief Steps Down https://lnkd.in/dcKQNbpd
With Paramount in Chaos and Its Future Uncertain, Its Chief Steps Down
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Senior Research Analyst | Market Research | Data Analysis | Business Intelligence | Marketing & Sales at Technavio
#BarryDiller's IAC is exploring a bid for #Paramount, including CBS, #MTV, and #Nickelodeon. This move follows Paramount's recent failed deal with #Skydance. A potential acquisition could reignite Diller's longstanding interest in Paramount since his 1990s bid against #SumnerRedstone. While acquiring National Amusements would secure Paramount's assets, it also involves tackling significant debt and challenging cable businesses. This could reshape the media landscape dramatically. #MediaAcquisition #Paramount #BarryDiller #IAC #MarketWatch
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As Good As It Gets!! A great film, staring Jack Nicholson. It sums up the current deal on the table for Paramount. Skydance is likely to secure the deal with Paramount. There is still a 45 day go-shop period, but given the history of this deal, this is probably as good as it gets for Redstone. Skydance will pay $2.4B (for NAI), $1.5B (cash injection/equity raise) plus a maximum amount of $4.3B for the tender, for a maximum total of $8.2B – obviously in addition to the value of its own business. Overall, marginal uplift for shareholders in the merged Skydance and Paramount entity, and in reality now the upside lies squarely in the hands of Skydance David Ellison, who talks of a more tech-savvy business advancing. Perhaps, we’ll see some non-core assets sold-off. https://lnkd.in/etExKEV7
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Y’all should read this.
David Ellison is heavy on platitudes and light on details of his plans for Paramount, but it's clear the changes won't wait for the government to approve his acquisition. The 5 biggest takeaways from my chat with Ellison and RedBird's Gerry Cardinale, and how the next year could play out... https://lnkd.in/gTwKKQZs
Money Wins Paramount
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Paul Fanelli, media and telecom Analyst at Gabelli Funds, lays out recent trends at Paramount Global [PARA]. Paramount Global has 652 million shares outstanding, the Class A shares trades at about $18, for about a $10 billion dollar market capitalization. The company has about $14 billion dollars in net debt and after accounting for hidden assets, a total enterprise value of about $21.5 billion dollars. We believe that Paramount Global has an attractive portfolio of assets, despite near term macro headwinds and longer-term secular issues. Paramount Global consists of three segments: TV Media, Direct to Consumer and Filmed Entertainment. #GabelliFunds
Of "Paramount" Importance: Paul Fanelli Lays Out Recent Trends at Paramount Global (PARA)
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Paramount Bid: While Paramount is in an exclusive 30-day negotiation period with Skydance, Sony has announced its potential joint venture with Apollo to make a bid for Paramount. Previously, Apollo said they would take over Paramount for at least $26B, including debt. After adding the current market cap of Paramount of $7.5B to $15.9B outstanding debt and subtracting its $2.46B cash , we have Paramount EV value at $20.9B. Apollo is bidding Paramount for no less than $26B, so if the deal is successful, Paramount’s market value is $10.1B. With 652 million outstanding shares, the price per share would be $19.3, a potential 68% upside from its current price of $11.5/share (it has increased by 12% to 12.38$ this morning). Do you expect Apollo to submit a higher bid with the joint of Sony? Or Do you want Apollo or Skydance to take over Paramount? Give us your thoughts! https://lnkd.in/dVW7iPwn #valueinvesting #paramount #deals #private #equity #finance #analysis
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