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- Paramount shares surged after reports that RedBird and Skydance were exploring an acquisition opportunity.
- Paramount’s controlling shareholder, Shari Redstone, was in the market for a deal.
The Paramount logo is seen on a building in Los Angeles, United States on November 13, 2023.
Nurphoto Getty Images
Shares of Paramount Global rose on Friday after the reports Deadline and Puck News Skydance and Redbird Capital are exploring possible investment opportunities.
Shares are up more than 14%. The company has a market capitalization of about $10.5 billion and is up more than 1% for the year, comparable to the S&P 500’s 19% return.
Paramount’s shareholder, Shari Redstone, is open to making big deals, especially as the company faces the storms of declining revenue and a stream of losses.
RedBird, managed by former partner Goldman Sachs Gerry Cardinaleis investing in a number of media and entertainment assets, including David Ellison’s Skydance – which helped produce Paramount’s 2022 blockbuster “Go Big: Maverick,” along with other symptoms.
Paramount has a long time debt load of $15.6 billionand investors are speculating about how the company can do it build a path to 2024. TV advertising revenue was also a weak spot for the company in its most recent quarterly report.
Currently, the company is reporting the integration of its Paramount + streaming service with Apple TV +.
Paramount, RedBird Capital and Skydance did not immediately respond to requests for comment.
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Paramount Global’s annual dividend yield