Paramount Stock Dips as Shari Redstone Turns Down Apollo’s $11 Billion Buyout Bid
Shari Redstone is firmly against breaking up Paramount Global. She rejected Apollo Global Management’s $11 billion offer. Redstone is negotiating with Skydance’s David Ellison, RedBird Capital, and Tencent, aiming to merge Skydance with Paramount Global.
Shares of Paramount Global dropped 4.7% post-FT report on rejecting Apollo’s bid. Apollo’s offer excludes CBS, cable networks, and streaming services. Analysts say splitting Paramount Global could diminish shareholder value. Bakish from Paramount is exploring ways to enhance shareholder value.
Paramount’s library boasts over 1,000 titles and rights to 2,500 more. Notable films include those from renowned directors and popular franchises. Redstone’s reservations stem from concerns that selling off studios would devalue the remaining company. Analysts speculate on potential outcomes of Paramount Global’s future.
