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

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

William Coulman, David Crowther
4/22/24 11:22AM

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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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Paramount Skydance reportedly preparing an Ellison-backed Warner Bros. Discovery takeover bid, sending shares soaring

Paramount Skydance is preparing a majority cash bid for Warner Bros. Discovery, The Wall Street Journal reported, sending shares of both companies surging. The Journal’s sources say the deal is backed by the Ellison family, led by David Ellison.

WBD shares were up 30% on the report, while Paramount Skydance jumped 8%.

The offer would cover WBD’s entire business — cable networks, movie studios, the whole enchilada. That comes after WBD announced plans last year to split into two divisions: one for streaming and studios, the other for its traditional cable and TV assets. A recent Wells Fargo note gave WBD a price target hike, primarily because the analysts viewed it as a prime takeover candidate.

If the deal goes through, it would bring together HBO, CNN, DC Studios, and Warner Bros.’ film library with Paramount+, Nickelodeon, and MTV, all under one umbrella.

Exclusive | Paramount Skydance Prepares Ellison-Backed Bid for Warner Bros. Discovery

Exclusive | Paramount Skydance Prepares Ellison-Backed Bid for Warner Bros. Discovery

The offer would cover WBD’s entire business — cable networks, movie studios, the whole enchilada. That comes after WBD announced plans last year to split into two divisions: one for streaming and studios, the other for its traditional cable and TV assets. A recent Wells Fargo note gave WBD a price target hike, primarily because the analysts viewed it as a prime takeover candidate.

If the deal goes through, it would bring together HBO, CNN, DC Studios, and Warner Bros.’ film library with Paramount+, Nickelodeon, and MTV, all under one umbrella.

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Fox and News Corp slide as investors digest $3.3 billion Murdoch succession settlement

Fox and News Corp shares dropped on Tuesday after Rupert Murdoch’s heirs agreed to a $3.3 billion settlement to resolve a long-running succession drama.

Under the deal, Prudence, Elisabeth, and James Murdoch will each receive about $1.1 billion, paid for in part by Fox selling 16.9 million Class B voting shares and News Corp selling 14.2 million shares. The stock sales will raise roughly $1.37 billion on behalf of the three heirs.

The new trust for Lachlan Murdoch will now control about 36.2% of Fox’s Class B shares and roughly 33.1% of News Corp’s stock, granting him uncontested voting authority over both companies for the next 25 years. Originally, the Murdoch trust was designed to hand over voting control of Fox and News Corp to Prudence, Elisabeth, Lachlan, and James after his death.

Investors are weighing the trade-off. Clear leadership under Lachlan may resolve conflict internally, but the share dilution, executed at a roughly 4.5% discount, means long-term investors now hold slightly less clout than before.

Both companies’ stocks were trading close to all-time highs prior to the announcement.

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