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Paramount Stock Rides Roller Coaster Back Down After Report That Shari Redstone Is “Unconvinced” By Apollo Offer For Studio
Paramount Global shares, which soared Wednesday on news of a potential M&A deal, has slumped today after a report splashed cold water on the scenario.
Shares in the media company had dropped 5% by mid-day, to below $12, after the Financial Times reported that controlling shareholder Shari Redstone is “unconvinced” by the private equity offer. Redstone, whose National Amusements controls more than three-quarters of the voting shares in Paramount, is looking more favorably on a competing offer from David Ellison’s Skydance Media. Paramount stock has fallen to a fraction of its value at the time of the merger’s closing due to a number of challenges, most notably the company’s exposure to significant declines in the pay-TV business.
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