Paramount Stock Dips as Shari Redstone Shows Disinterest in Apollo’s $11 Billion Studio Buyout Offer
Shari Redstone remains opposed to breaking up Paramount Global.
Redstone is negotiating a deal with Skydance’s David Ellison, in partnership with RedBird Capital and Tencent, to sell NAI.
Shares of Paramount Global were down 4.7% following the FT’s report.
Apollo’s bid does not include CBS, Paramount Global’s cable networks, or streaming businesses.
Wall Street analysts believe breaking up Paramount Global could be value-destructive.
Apollo’s bid could help Paramount secure an increased price for the whole company.
Paramount Global chief Bob Bakish is focused on creating shareholder value.
Paramount Pictures’ library comprises over 1,000 film titles with rights to an additional 2,500.
