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
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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
https://www.nytimes.com
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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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A few tidbits here: Skydance investors will have to pony up more to make a deal happen Being able to merge Paramount Global into Skydance is crucial to any deal closing Discussions are very early and diligence on Paramount has not yet begun
WSJ News Exclusive | Skydance Backers Explore All-Cash Deal to Gain Control of Paramount
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The deal
The A.V. Club - The actors union's national board approved...
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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)
https://www.youtube.com/
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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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A quick thought on Skydance Merger: It could lead to an upscale in content production/ownership, which might be advantageous for PARA. An all-stock merger combined with equity issuance for cash could improve Paramount's leverage ratio. However, this arrangement would dilute the holdings of non-National Amusements, Inc. (NAI) shareholders, and would also lose out on another cash offer at premium. The benefits for these shareholders might not be immediately evident but more so depend on the longer-term success of the new Skydance leadership.
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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This article poses the simple question: If you remove the Paramount content library, what's the value of the rest? The answer is why Redstone has no interest in the Apollo deal.
What Could Happen If Paramount Global Is Sold — Especially in Pieces
https://variety.com
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