Paramount Global stock surges over 9% in overnight trading after reports it had reached a preliminary deal to combine with Skydance Media.
The two companies had been in talks before, but those discussions ended last month. The revived deal has Skydance buying National Amusements, which is owned by Shari Redstone, and then merging with Paramount, The Wall Street Journal reported, citing people familiar with the plan.
The deal will be reviewed by a special committee of Paramount’s board, the Journal reported. Skydance is expected to pay $1.75 billion for National Amusements. Both sides have agreed to a 45-day period during which other bidders can submit offers.
Faraday Future Intelligent Electric Inc. drops 2% in overnight trading after falling 6% in previous trading day.
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