Paramount Global (NASDAQ:PARA) stock is in the news on Thursday following reports that David Ellison’s Skydance Media is looking to take the media company private.
According to these reports, Skydance Media is in discussions with private equity firms RedBird Capital Partners and KKR & Co. This comes at a time when RedBird Capital Partners is allegedly interested in getting out of media due to the shift from traditional TV to streaming services.
If that deal goes through, it would see Skydance Media purchasing National Amusements. This is a holding company owned by Shari Redstone that has a 77% stake in PARA’s voting stock. This is reportedly part of its plan to acquire Paramount Global, as it’s only interested in National Amusements if it can buy the rest of the media company.
To go along with that, Skydance Media has reportedly exchanged preliminary information with Paramount Global concerning the plan to take it private. That means talks are still in the early stages, and there’s no guarantee a deal will go through, notes CNBC.
How This Affects PARA Stock
PARA investors are excited about the potential of a deal for the company. That has the stock seeing some 7 million shares change hands as of Thursday morning. That’s a strong start to the day and is quickly approaching the company’s daily average trading volume of about 16 million units.
PARA stock is up 6% as of Thursday morning.
Investors seeking more of the most recent stock market stories are in the right place!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
