Connect with us

Hi, what are you looking for?

Financial Source ReportFinancial Source Report

Tech News

Paramount agrees to sweetened Skydance merger deal

Paramount Pictures studio lot at 5555 Melrose Ave.
Skydance founder David Ellison is set to become Paramount’s new chairman and chief executive. | Brian van der Brug / Los Angeles Times via Getty Images

Paramount Global has agreed to merge with Skydance Media in a deal that will see the joint enterprise, temporarily dubbed “New Paramount,” valued at approximately $28 billion.

As part of the two-step agreement announced on Sunday, Paramount Chair Shari Redstone (the daughter of Sumner Redstone) will sell National Amusements — which holds her family’s controlling stake in Paramount — for $2.4 billion. Skydance will then merge with Paramount, investing $8 billion to purchase Paramount’s shares and pay off some of the company’s balance sheet. Bloomberg reports that Paramount has $14.6 billion of debt as of March, partially attributed to streaming losses and a decline in the company’s broadcast and cable TV business.

“Given the changes in…

Continue reading…

You May Also Like

Editor's Pick

“Caius Gracchus” Babeuf came to Paris in 1790 and imbibed the revolutionary atmosphere. Five years later, he founded the secret Conspiracy of the Equals.

Tech News

Image: FromSoftware Playing Erdtree was a lesson in humility I needed. Continue reading…

Tech News

I can’t afford an actual house in this hellish economy, so a virtual one will have to do. | Image: Snap Snapchat Plus subscribers...

Tech News

Photo by Getty Images Car dealerships hamstrung by outages following two cyberattacks against CDK Global in June might finally be able to use their...

Copyright © 2023 FinancialSourceReport.com All Rights Reserved.