US Stock Market News | Parent Company Terminates Sale Negotiations with Skydance, Paramount Global Falls Over 6%
On Thursday, Paramount Global's stock price fell, with the stock dropping over 6% to $10.39 as of the time of publication. On the news front, Shari Redstone, the controlling shareholder of Paramount Global's parent company National Amusements, abruptly terminated negotiations with David Ellison's Skydance Media on Tuesday, killing the possibility of selling Paramount Global's controlling stake and opening up a new situation for this independent production company. At the time when Redstone, Paramount's largest shareholder, took this action, it seemed that an agreement was imminent between the two parties. A special committee of Paramount's board had planned to discuss a proposed transaction, but received news of Redstone canceling the discussion. Sources revealed that the deal has fallen through, and Redstone may seek to sell National Amusements without attempting to merge Paramount with another company
According to the information from Zhitong Finance and Economics APP, on Thursday, Paramount Global (PARA.US) saw its stock price drop, with the stock falling more than 6% to $10.39 as of the time of publication. On the news front, Shari Redstone, the controlling shareholder of National Amusements, the parent company of Paramount Global, abruptly terminated negotiations with David Ellison of Skydance Media on Tuesday, killing the possibility of selling Paramount Global's controlling stake and opening up a new situation for this independent production company. At the time when Redstone, Paramount's largest shareholder, took this action, it seemed that the two parties were on the verge of reaching an agreement. A special committee of Paramount's board had planned to discuss a proposed transaction, but received news of Redstone canceling the discussion.
Sources revealed that the deal has fallen through, and Redstone may seek to sell National Amusements instead of attempting to merge Paramount with another company