Paramount Stock Takes 5% Hit After Reports of Sony ‘Rethinking' Bid [Yahoo! Finance]
Paramount Global - Class A (PARAA)
Company Research
Source: Yahoo! Finance
On CNBC's “Power Lunch, ” reporter David Faber cited sources that said that Sony was “rethinking” its current bid of $26 billion alongside Apollo to acquire Paramount. Following the report, Paramount's stock dipped 5% and is currently at $12.35/share in after-hours trading. “The likelihood of a bid at least for the full company seems to be fading a bit,” Faber said. “There has not been an NDA signed by Sony at this point, a nondisclosure agreement that you would typically sign so you can begin real due diligence.” Other factors Sony may be weighing include the current weakness of the Japanese yen and the company's recently reported 7% drop in profit for the 2023 fiscal year. Faber noted that Sony may be simply considering a restructuring of its bid, possibly to “take control of [Paramount parent company National Amusements] and therefore exert control over the combined company in that way.” The studio is also weighing a potential bid from one of its production partners, Skydanc
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News
- After It Secured NFL TV Rights, Now Comes the Hard Part for Netflix -- Finding Someone to Produce and Call the Games [Yahoo! Finance]Yahoo! Finance
- Paramount Global Shares Fall Under $10, A Record Low Since Viacom & CBS Merged [Yahoo! Finance]Yahoo! Finance
- What's next for Paramount after demise of Skydance merger [Yahoo! Finance Canada]Yahoo! Finance Canada
- Wall Street bankers, lawyers losing out on hundreds of millions after Paramount's scrapped Skydance merger: sources [Yahoo! Finance]Yahoo! Finance
- Legal threat from Mario Gabelli was ‘major factor' in collapse of Paramount's $8B deal with Skydance [Yahoo! Finance]Yahoo! Finance
PARAA
Earnings
- 4/29/24 - Beat
PARAA
Sec Filings
- 6/17/24 - Form 11-K
- 6/13/24 - Form 4
- 6/10/24 - Form 8-K
- PARAA's page on the SEC website