PARAA - Analyst Says Paramount Global Reportedly Snubbing $26B Offer From Apollo Global 'Doesn't Make Sense' | Benzinga
Paramount Global (NASDAQ:PARAA) (NASDAQ:PARA) has reportedly entered into exclusive merger talks with Skydance Media. This decision comes at the expense of a $26 billion offer from Apollo Global Management (NYSE:APO).
What Happened: The Paramount Global board gave the nod to Skydance Media on Wednesday, allowing for a 30-day exclusivity period for negotiations, Reuters reported.
LightShed Ventures’ Rich Greenfield in an interview with CNBC, said he’s surprised Paramount turned down Apollo’s alleged $26B all-cash bid, instead opting for a Skydance deal.
“It just doesn’t makes sense to me or any of the investors I’ve been talking to,” said Greenfield.
"It just doesn't makes sense to me or any of the investors I've been talking to."@RichLightShed on why he's surprised Paramount turned down Apollo's alleged $26B all-cash bid, instead opting for a Skydance deal. pic.twitter.com/yC54hw5qWk — CNBC's Fast Money (@CNBCFastMoney) April 3, 2024
This potential merger could mark the end of Shari Redstone‘s control over the media conglomerate, originally established by her late father, Sumner Redstone.
Following the news of these exclusive talks, Paramount’s shares ...