BREAKINGVIEWS-Paramount’s sale cries out for intervention

Reuters04-20

(The author is a Reuters Breakingviews columnist. The opinions expressed are her own.)

By Jennifer Saba

NEW YORK, April 19 (Reuters Breakingviews) - Shari Redstone is mulling a deal for control of the $8 bln media company with unclear upside for other shareholders. The math can just work, but a bid from Apollo would offer a safer payday. The choice is clear, even if independent investors can do nothing but press their case.

Full view will be published shortly.

Follow @jennifersaba on X

CONTEXT NEWS

Sony Pictures Entertainment and Apollo Global Management are discussing a joint bid for Paramount Global, the New York Times reported on April 18.

The media company behind broadcaster CBS is shrinking its board to seven directors from 11, according to its proxy statement. Former Spotify executive Dawn Ostroff, former Sony Entertainment president Nicole Seligman, investment banker Frederick Terrell and attorney Robert Klieger will not stand for re-election during the company’s annual meeting on June 4.

Paramount is in exclusive merger talks with production studio Skydance Media.

(Editing by Jonathan Guilford and Sharon Lam)

((For previous columns by the author, Reuters customers can click on jennifer.saba@thomsonreuters.com; Reuters Messaging: jennifer.saba.thomsonreuters.com@reuters.net))

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