Wall Street bankers, lawyers losing out on hundreds of millions after Paramount’s scrapped Skydance merger: sources
Shari Redstone’s last-minute decision this week to back out of a planned merger between Paramount and Skydance Media means Wall Street bankers and top law firms are losing out on hundreds of millions of dollars in fees, according to sources close to the negotiations. Redstone, the 70-year-old media heiresses, on Tuesday called off a deal […]
Bob Bakish To Resign As Paramount’s CEO Amid Ongoing Sale Talks
Paramount Global announced Monday the resignation of CEO Bob Bakish. Paramount Global is undergoing a significant leadership change amid considerations of a potential merger or sale. The company announced that Bakish is stepping down as CEO. Bakish, who started at Paramount’s predecessor Viacom in 1997 and later led the merged Viacom and CBS in 2019, […]
Mario Gabelli comes out against Paramount’s Skydance merger
Wall Street mogul Mario Gabelli has slammed the potential merger between Paramount and Skydance Media, saying he wants to see through Paramount’s exit negotiations in its entirety, the Post reported. The legendary investor, through super voting stock and Paramount common stock, is the company’s second-largest voting shareholder behind media heiress Shari Redstone. , added in […]
Paramount’s Debt Rating Downgraded to ‘Junk’ as Cable Subscriptions Plunge
Hollywood studio Paramount Global has been downgraded to junk status by S&P. S&P cited a continued decline in cable TV subscribers as the reason for the credit rating change. Paramount, which owns numerous terrestrial TV properties including CBS, Nickelodeon, MTV, BET and Comedy Central, faces similar dire economic forecasts as other legacy studios. American households […]
Paramount’s Future Looks Grim Amid Perfect Storm of Declining Cable TV, Streaming Woes
The future doesn’t look very good for Paramount Global, the Hollywood giant that owns CBS, Paramount Pictures, Comedy Central, BET, Pluto TV and many other media properties. Paramount Global’s financial outlook took a hit Friday when S&P Global placed Paramount Global on CreditWatch Negative, citing concerns about the company’s cash flow. The report blames “the […]