Paramount Global stock fell 5% on Thursday as investors absorbed details of the company’s merger agreement with Skydance Media.
The companies are targeting a closing of the deal in the third quarter of 2025. Skydance and its backers are investing $8 billion in Paramount in a transaction assigning the company an enterprise value of $28 billion.
Paramount stock, which has already fallen 22% in 2024 to date, closed at $11.18, down 5% for the day. Trading volume was about twice its normal level.
The company’s dual-class \structure, a non-uncommon setup for media stocks, privileged holders of Class A (voting) shares. National Amusements, the Shari Redstone-run owner of a controlling stake in Paramount, held about 77% of Class A shares but just 10% of the company’s total equity.
Read more on deadline.com
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