Merger negotiations between Paramount and Skydance Production Company

Merger negotiations between Paramount and Skydance Production Company

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Media and entertainment company Paramount Global has begun exclusive negotiations with production company Skydance regarding their merger, according to what several American media outlets reported yesterday, Wednesday, rejecting an offer to buy it worth $26 billion made by the investment company Apollo.

The Wall Street Journal reported that Paramount would refrain from negotiating with Apollo and other potential buyers for 30 days, to make way for an agreement with Sky Dance.

Paramount shares, which owns the American CBS and MAV stations, saw a 15% rise on Wednesday on the Wall Street Stock Exchange. Paramount declined to comment on AFP’s inquiry about this news, while there was no immediate response from the company. “Skydance”.

The giant investment company, Apollo Global Management, offered Paramount an amount exceeding $26 billion, including its debts. But Paramount chose not to enter into negotiations with Apollo, due to its negotiations with Sky Dance, according to the New York Times.

Paramount and Skydance recently partnered to produce the movie “Top Gun: Maverick,” starring Tom Cruise, which grossed $1.5 billion worldwide, and several parties, including Netflix, have been seeking for months to acquire the film. On Paramount Global, which is the smallest of the major companies in the field of streaming broadcasting.

The number of subscribers to “Paramount” for streaming broadcasting, which was launched in March 2021, reached about 63 million subscribers by the end of September, and the media group that previously bore the name “ViacomCBS” includes CBS, MTV, and Nickelodeon stations. And Comedy Central, in addition to the Paramount film and television studio. Skydance Media is managed by David Ellison, the son of billionaire and co-founder of the giant technology company Oracle, Larry Ellison.

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