Business
2024-04-22-paramount-global-site

Multiple bidders want to buy Paramount Global’s sprawling media assets

William Coulman, David Crowther

Picture perfect

Paramount Global's stock soared 13% on Friday, following reports that Sony was considering joining Apollo's bid to purchase the historic film and TV studio. The news comes after a previous $26 billion Apollo offer was rejected by Paramount's board.

Currently, the Sony-Apollo partnership is unable to get back in the picture with Paramount, as the studio is in exclusive merger talks with Skydance Media — a deal that, for the most part, shareholders don’t love.

One of the most storied brands in entertainment — having produced cinematic hits such as The Godfather, Titanic, Forrest Gump, and both Top Gun films — Paramount has a complicated history of owners... and an equally complicated modern corporate structure. Despite owning less than 10% of the company, 77% of the voting rights are controlled by the Redstone family through a holding entity called National Amusements.

Today, Paramount is a sprawling collection of assets. Its main moneymaker is the TV Media division, centered around CBS’s long tail of channels, which makes revenue from affiliate deals, advertising, and licensing content. The streaming business, Paramount+, has made a big splash in the crowded direct-to-consumer segment… but it’s also racking up big losses, and contributing less than a quarter to its total revenue.

This is just the latest chapter in the Paramount sale saga — a Warner Bros. merger that was on the cards late last year eventually fell apart, leaving the company somewhat rudderless until the latest round of M&A rumors started. Paramount shares are down 16% since the start of the year.

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Netflix is down amid reports it’s leading the Warner Bros. bidding war as Paramount cries foul

Netflix’s charm offensive appears to be working.

Netflix is reportedly emerging as the leader in the bidding war for Warner Bros. Discovery after second-round bids this week, edging out entertainment juggernaut rivals Comcast and Paramount Skydance.

Investors don’t appear psyched by the streaming leader’s turn of fortune: the stock is down on Thursday morning, a day after closing down nearly 5% following reports that scooping up HBO Max wouldn’t necessarily result in a big market share boost.

Paramount, which has reportedly made five bids for Warner Bros. Discovery, doesn’t love the current state of play, either. The company sent WBD a letter questioning the “fairness and adequacy” of the process, highlighting reports that WBD’s board favors Netflix and is resisting Paramount.

Any offer would be subject to regulatory approval — a fact that may have weighed against Netflix’s offer given that cofounder Reed Hastings’ politics are vocally to the left, very much at odds with the current regulatory regime. Paramount seems confident in its ability to get approval, reportedly boosting its breakup fee to $5 billion should its potential acquisition fall apart in the regulatory process.

Paramount questions Warner Bros. Discovery on 'fairness and adequacy' of sale process: Read the full letter

Paramount questions Warner Bros. Discovery on 'fairness and adequacy' of sale process: Read the full letter

Investors don’t appear psyched by the streaming leader’s turn of fortune: the stock is down on Thursday morning, a day after closing down nearly 5% following reports that scooping up HBO Max wouldn’t necessarily result in a big market share boost.

Paramount, which has reportedly made five bids for Warner Bros. Discovery, doesn’t love the current state of play, either. The company sent WBD a letter questioning the “fairness and adequacy” of the process, highlighting reports that WBD’s board favors Netflix and is resisting Paramount.

Any offer would be subject to regulatory approval — a fact that may have weighed against Netflix’s offer given that cofounder Reed Hastings’ politics are vocally to the left, very much at odds with the current regulatory regime. Paramount seems confident in its ability to get approval, reportedly boosting its breakup fee to $5 billion should its potential acquisition fall apart in the regulatory process.

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Delta says the government shutdown will cost it $200 million in Q4

The 43-day government shutdown that ended last month will result in a $200 million ding for Delta Air Lines, the airline said in a filing on Wednesday.

That’s about $100,000 per shutdown-related canceled flight. (Delta previously said it canceled more than 2,000 flights due to FAA flight reductions.) When the company reports its fourth-quarter earnings, the shutdown will lop off about $0.25 per share.

Delta initially stayed calm about the shutdown, with CEO Ed Bastian stating in early October that the company was running smoothly and hadn’t seen any impacts at all. One historically long shutdown later, Delta wasn’t able to remain untouched.

The skies have since cleared, though, and Delta’s filing states that booking growth has “returned to initial expectations following a temporary softening in November.”

Delta’s shares were up over 2% as of Wednesday’s market open.

Delta Air Sees $200 Million Hit from Shutdown Fallout

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Delta initially stayed calm about the shutdown, with CEO Ed Bastian stating in early October that the company was running smoothly and hadn’t seen any impacts at all. One historically long shutdown later, Delta wasn’t able to remain untouched.

The skies have since cleared, though, and Delta’s filing states that booking growth has “returned to initial expectations following a temporary softening in November.”

Delta’s shares were up over 2% as of Wednesday’s market open.

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