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Paramount Shares Leap As Investors Cheer Sony-Apollo Scenario

Paramount Global shares rose 13% in heavy trading Friday as investors cheered news that Sony may join the private equity firm's bid for Paramount.

For the next two weeks, David Ellison’s Skydance Media, backed by RedBird Capital and other investors, is in an exclusive negotiating window with Paramount’s controlling shareholder, National Amusements. While Skydance appeals to many media industry vets given Ellison’s strong track record and enthusiasm for keeping Paramount Pictures intact, the deal it is pursuing has inherent strings attached. Speaking to CNBC on Friday, he described the experience of holding Paramount shares for an extended period a “horror show” given their deterioration and various ups and downs with the company’s performance.

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