🎬📈 Interesting development in the world of film industry!
National Amusements, led by Shari Redstone, has reached a tentative agreement to sell its controlling interest in Paramount Global $PARA toDavid Ellison's Skydance Media. The news caused Paramount's stock to rise by more than 12 %. 📊🚀
Paramount Global
PARASkydance is prepared to pay $1.75 billion for National Amusements, which owns 77 % ofParamount's voting stock . The deal includes a 45-day period during which other bidders can submit their offers. Among those bidders are well-known names such as film producer Steven Paul, heir Seagram Edgar Bronfman Jr. and IAC's Barry Diller. 🎥
According to sources familiar with the matter, the deal with Skydance has been referred to a special committee of the board Paramount. The sale is intended as the first phase of a two-step transaction where a smaller independent studio would Skydance would merge with Paramount, which could have significant strategic advantages. 🌟
Historic studio Paramount Pictures, behind films like "Titanic", "The Godfather" a "Transformers." could be getting a new partner inSkydance, which has been involved in producing hits like "Top Gun: Maverick" a "Star Trek Into Darkness."
Ellison, son of co-founder Oracle Larry Ellison, has long been trying to get Paramount, and his combination with Skydance is Redstone's is considered strategically advantageous. Nevertheless, negotiations are ongoing with other bidders, indicating a high level of interest in controlling this iconic company. 📽️💼
These moves could mean big changes not only for the film industry but also for investors.
What is your opinion on the current developments regarding Paramount, do you own shares of their stock? 📊💡
I'm not too keen on it and I'm certainly not going to include it in my portfolio.
I don't have their stock. I looked at them years ago but never got around to buying. Both the chart and the performance itself have put me off.