Tom Cruise buys Paramount.

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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.

www.reuters.com/markets/deals/redstone-skydance-strike-tentative-deal-paramount-stake-bloomberg-reports-2024-04-03/

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