Paramount dips again as odds grow that it proceeds with no merger

seekingalpha05-04

Paramount Global's stock is newly sinking -- (NASDAQ:PARA) -4%, (PARAA) -11% -- alongside the latest reports on the company's M&A saga, suggesting that the company may be preparing to go it alone if ...

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Skydance has been working on merging the two companies during an exclusive negotiating window that ends at midnight tonight -- but Paramount's special committee doesn't appear to be endorsing the Skydance deal, which comes alongside a hard competing push from Apollo Global Management (APO) and Sony (SONY) for a $26B all-cash acquisition. But controlling shareholder Shari Redstone may be coming to the conclusion that neither deal can work, Variety notes in a new update. Skydance issued its \"best and final\" offer last weekend, involving Skydance acquiring Redstone family National Amusements and then Paramount buying Skydance to merge the companies. Redstone has signaled that she would be unlikely to support a sale to a buyer backed by private equity (such as Apollo) given the chances that the Redstones' family legacy company would be more likely to be broken up in that scenario. And Paramount would likely be under foreign control, with Sony in the driver's seat. With the exclusive Skydance deadline nearing and inaction more likely, Paramount saw a couple of downgrades into Friday action. The stock was cut to Neutral at Seaport, and cut to Sell at Argus, which said the sale process has become a \"fiasco.\" Argus notes the sale would usually be a positive, but the process has been questioned by not only Argus but also the market, alongside the exit of Paramount CEO Bob Bakish. The firm is trimming its 2024 earnings per share estimate by a penny, to $1.28, and cutting expected 2025 EPS to $1.30 from its previous $1.38.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2432808801"}