Paramount Global (PARA) stock climbed as much as 8% on Thursday following more M&A reports — this time on news that production studio Skydance Media wants to take all of Paramount private.
Shares leveled out by afternoon trading as investors digested the news.
According to CNBC, Skydance and financial backers Redbird Capital and KKR are working on a deal to acquire National Amusements, the holding company that houses Paramount and controls the media giant through its class A shares.
Shari Redstone currently serves as the non-executive chairwoman of Paramount Global and president of National Amusements (NAI).
To note, NAI owns approximately 10% of Paramount’s equity capital value and maintains 77% of voting shares — valued at around $1 billion, although that does not account for what could be a “meaningful control premium,” Wells Fargo analyst Steve Cahall wrote in a recent note to…
