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Key Takeaways
- Shares of Paramount Global skyrocketed on talk that the entertainment giant might be sold.
- Reports suggest David Ellison of Skydance Media and RedBird Capital Partners are considering purchasing Paramount.
- It’s believed any deal to acquire Paramount would require taking control of National Amusements, which holds a majority stake in the company.
Paramount Global (PARA) was the best-performing stock in the S&P 500 as reports swirled that the entertainment giant might be sold.
The reports from Deadline and Puck suggested that film producer David Ellison, CEO of Skydance Media, and private equity firm RedBird Capital Partners are considering acquiring the company.
Deadline explained that any effort to buy Paramount likely would require taking control of theater operator National Amusements, which holds 77% of Paramount’s Class A voting shares.
Shari Redstone, who is president of National Amusements and non-executive chair of Paramount, is said to be open to selling Paramount if the price is right.
Puck said no official process or dealbook has been made, but non-disclosure agreements have been signed, and a small group is believed to be working up the numbers for any potential deal.
The stories sent shares of Paramount Global to their highest level since May and into positive territory for the year. The stock was up 13% in late trading Friday.
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