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Stocks sink after Powell suggests Fed may not cut rates in March

Paramount Global (PARA) shares skyrocketed more than 10% in early trading on Wednesday after Bloomberg reported media mogul Byron Allen made a $14.3 billion bid to buy all of Paramount’s outstanding shares.

According to the report, Allen offered $28.58 each for the company’s voting shares, marking a 50% premium compared to recent trading levels, and $21.53 for non-voting shares. Including existing debt, the total value of the deal mounts to roughly $30 billion. It’s unclear how he would finance the takeover.

National Amusements (NAI), Paramount’s holding company, owns approximately 10% of Paramount’s equity capital value and maintains 77% of voting shares — valued at around $1 billion. Shari Redstone currently serves as the non-executive chairwoman of Paramount Global.

“We think PARA should immediately take this deal, as it represents >50% premium to yesterday’s close, which is likely…

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