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Paramount Stock Falters As Investors Sweat Details Of Skydance-National Amusements Talks
Paramount Global shares fell 8% as investors fretted over talks between controlling shareholder National Amusements Inc. and Skydance Media.
The shares, which have lost nearly half their value over the past year, retreated amid numerous reports about how a tentative deal between David Ellison ‘s Skydance and Shari Redstone ‘s National Amusements would be structured. Because there is a longstanding relationship between Paramount Pictures and Skydance, with the latter co-financing big-budget installments in the Mission: Impossible, Transformers and Top Gun franchises, Ellison emerged as the leading suitor for overall control of the company in recent weeks. Agreed media finance veteran Harold Vogel in an analysis for investment community Seeking Alpha, “Transfer of Paramount Global assets in whole or part will likely be complicated, drawn out in time, and involve extremely contentious, convoluted, and lawsuit-dense negotiations.
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