Paramount Stock Retreats on Report Shari Redstone Not Interested in Apollo’s $11 Billion Studio Buyout Bid
variety.comTodd Spangler NY Digital Editor Shari Redstone looks like she remains firmly opposed to breaking up Paramount Global. Redstone, president of National Amusements Inc. — the controlling shareholder of Paramount Global — was “unconvinced” by Apollo Global Management’s $11 billion offer to buy Paramount’s film and TV studio, the Financial Times reported, citing anonymous sources.
Instead, per the FT report, Redstone is continuing to negotiate a deal with Skydance’s David Ellison, in partnership with RedBird Capital and Tencent, to sell NAI (and then merge Skydance with Paramount Global).
Shares of Paramount Global were down more than 5% Thursday following the FT’s report, amid an uptick in broader market indexes.
That came after the stock popped nearly 12% following the Wall Street Journal’s report that Apollo had made an $11 billion offer to acquire Paramount Pictures and the Paramount TV studios group.
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