🚨🇺🇸 TOM CRUISE BUYS PARAMOUNT
Shari Redstone, the controlling shareholder of TV giant Paramount Global, has reached an agreement to sell her stake in the company to Skydance Media, owned largely by Tom Cruise.
Source: Reuters pic.twitter.com/2wPVGpADLE
— Mario Nawfal (@MarioNawfal) April 3, 2024
April 3 (Reuters) – Paramount Global’s (PARA.O), opens new tab board has discussed entering exclusive merger discussions with Skydance, days after it received a $26 billion all-cash offer from private equity firm Apollo Global Management (APO.N), opens new tab, according to a person familiar with the matter.
Shares of Paramount surged about 15% to $13.52 in Wednesday’s session.
The deal, if it goes through, will add to consolidation in the media industry as it grapples with a changing landscape of streaming gaining dominance over traditional television and the impact from Hollywood’s strikes last year, with a soft advertising market adding to the pressure.