Paramount Global's leadership team told employees Wednesday the company will focus on its new plan to transform its streaming business, reduce costs and divest some assets to help pay down debt, according to an email seen by Reuters. "We recognize the last several months have not been easy as we manage through ongoing change and speculation," wrote the company's co-CEOs Brian Robbins, George Cheeks and Chris McCarthy. "And we should expect some of this to undoubtedly continue." The message comes a day after ...

Paramount, like many of its peers, is grappling with how to make streaming a profitable business as it faces peak competition, a rapidly shrinking universe of cable-TV customers and a slowdown in the advertising market that has especially weighed on the bundle. "It's very difficult for a trio of CEOs to work on a long term basis. It's almost unheard of. How will they make decisions on allocating capital and strategic priorities?" said Jessica Reif-Ehrlich, an analyst at BofA Securities. "So, what does this ...

Key Takeaways Paramount Global shares were little changed Wednesday, a day after tumbling following reports controlling shareholder Shari Redstone had called off monthslong merger talks with Skydance Media. The news came shortly before a committee of Paramount directors was set to vote on the merger. Redstone is said to be considering selling National Amusements, the holding company through which she controls Paramount, instead of pursuing a merger. Paramount Global (PARA) missed out on a CPI-fueled stock r ...

PARA is down nearly 30% so far in 2024 Shares of Paramount Global (NYSE:PARA) are down 1.6% at $10.86 this morning, after the company's largest shareholder, Shari Redstone, eliminated merger talks with Skydance Media. This comes after six months of negotiations began. The stock remains at multi-year lows and sports a 26.2% year-to-date deficit, with overhead pressure stemming from the 200-day moving average. Short interest has been unwinding for months on PARA, with a 15% drop in the most recent reporting p ...

Sony is still looking at the books for a possible deal but we're hearing that doesn't appear to have much traction given the regulatory hurdles of a Japanese company taking interests in a U.S. broadcast company. They talked, and talked, and talked. Potential suitor Warner Bros Discovery faded away, as did Byron Allen, who made an actual offer for the company. Par and Skydance entered an exclusive negotiating period for the month of April. When the lock-up ended with no deal, doubt crept in. Sony jumped into ...

National Amusements, the vehicle that owns Shari Redstone's controlling stake in Paramount, said it had been unable to reach mutually acceptable terms with Skydance Media. The prospect of a blockbuster deal has loomed large over the firm for months. Bob Bakish, its chief executive, departed abruptly in April following reports of tensions with Redstone. The media tycoon behind Paramount Pictures pulled the plug on a proposed multibillion-dollar merger, after months of negotiations over the storied Hollywood ...

National Amusements confirmed the deal was dead. 3 Shari Redstone ended deal talks between her National Amusements and Skydance, according to The Wall Street Journal. REUTERS Paramount's three co-CEOs recently unveiled a plan to slash costs and find a partner for its money-losing streaming service, Paramount+. The media heiress walked away from a reported $1.75 billion offer from the tech heir for her 77% stake, the Wall Street Journal reported. "NAI is grateful to Skydance for their months of work in pursu ...

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After months of negotiations, Paramount's controlling shareholder Shari Redstone has broken off merger talks with David Ellison's Skydance, according to the WSJ. As of this weekend talks were intense but there were a few major sticking points, one said to be over which party party would assume legal liabilities in the case of shareholders lawsuits. The two sides have been deep in discussions during and after a one-month exclusive negotiating period and Redstone at one point favored the deal, which called fo ...

The Paramount logo is displayed at Columbia Square along Sunset Blvd in Hollywood, California, on March 9, 2023. National Amusements has stopped talks with Skydance on a proposed merger with Paramount Global, CNBC's David Faber reported Tuesday. National Amusements, which is owned by Shari Redstone, the controlling shareholder of Paramount, had previously agreed to terms of a merger with a consortium that includes David Ellison's Skydance, and private equity firms RedBird Capital and KKR. The deal had been ...