Paramount jumps as Edgar Bronfman reportedly readies takeover bid

Investing.comAug 15, 2024 6:18 PM

View all comments（0）



Investing.com -- Paramount rose sharply Thursday after the Wall Street Journal reported that investor Seagram Bronfman Jr. is set to make a fresh offer to buy the struggling entertainment company.

Paramount Global Class B (NASDAQ:PARA) was up more than 7% in recent trading.

Bronfman has held talks with a number of individuals and companies including Fortress Investment Group, RUKU and Hollywood producer Steven Paul to support his bid for the company, the WSJ reported, citing people familiar with the matter.

An offer could be made in the coming says, the sources told the Journal, though it remains possible that the talks don't progress to a formal bid.

A potential bid would come just a little over a month after Shari Redstone agreed to sell her family's majority stake in Paramount Global to Skydance Media. The Paramount-Skydance deal, however, remains in the so-called go-shop period, which ends Aug. 21, and allows other potential suitors can make a competing bid.

In the event that Paramount reverses its decision accepts a competing offer, it would have to pay a Skydance a break up fee of $400M.

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.

Comments (0)

Click the $ button, enter the symbol, and select to link a stock, ETF, or other ticker.

Commenting Guidelines

Recommended Articles

SK Hynix Surges Over 4% as Q3 Results Hit Record High, Returning $75 Billion to Shareholders

SK Hynix reported a record-breaking Q3 operating profit while announcing a massive 100 trillion won (approximately $75 billion) shareholder return plan, sending its stock price surging 4%.

Today’s Market Recap: $63 Billion Anthropic Compute Financing Lifts Chip Stocks, Broadcom Gains 4%, CRWV Rises Nearly 8%, Boeing Falls Over 10%

TradingKey - On October 27, Eastern Time, all three major U.S. stock indexes closed higher, with the Nasdaq and the S&P 500 gaining for the second consecutive trading day. AI-related stocks continued to lead the rally, while a $63 billion computing power financing deal involving Broadcom (AVGO) lift

KOSPI Tops 5,800, Kioxia Jumps Over 4% as SK Hynix Revenue and Profit Hit Record Highs

The KOSPI surged over 3%, Kioxia jumped 4%, Samsung and SoftBank joined the rally, and SK Hynix unveiled a massive 100 trillion KRW in shareholder returns.

US Stocks Close: Nasdaq Rises Over 1%, Philadelphia Semiconductor Index Gains Over 3%; Chip Stocks Extend Rally, CoreWeave Gains Nearly 8%

On Tuesday, October 27, Eastern Time, U.S. stocks moved higher, with chip stocks extending their rally to drive the Nasdaq to lead the gains. Amid falling oil prices, investors continued to assess a heavy slate of corporate earnings reports while focusing on the Federal Reserve's interest rate meeting. At the close, the Dow Jones Industrial Average rose 0.03% to 52,377.57 points; the Nasdaq Composite Index gained 1.18% to 26,477.81 points; and the S&P 500 Index advanced 0.60% to 7,722.60 points.

Amazon Q3 Earnings Preview: AWS Growth Expected to Rise to 41%, Wall Street Top Price Target $400

TradingKey - Amazon (AMZN) will release its third-quarter 2026 financial results after the U.S. market close on October 29, Eastern Time, and hold an earnings conference call at 17:00 on the same day.

Featured Tools