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Paramount Stock Falls on Report Sony Is ‘Rethinking’ $26 Billion Bid
Shares of Paramount Global slid after a report that Sony was "rethinking" its $26 billion bid for Paramount in conjunction Apollo Global.
Paramount Global’s stock dropped more than 5% after CNBC’s David Faber reported Tuesday that “the likelihood of a bid [by Sony and Apollo] at least for the full company seems to be fading a bit.” Sony Group’s stock price dropped last week and “that may have given them some pause, not to mention, of course, what is there’s the continued deterioration of the environment we know so well, namely the cable ecosystem, all of which has led to what I am told is at least quote ‘a rethinking’ of the Paramount bid,” Faber said. Under that proposal, Skydance would have acquired Shari Redstone’s National Amusements Inc., which is the controlling shareholder of Paramount Global.
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