Paramount Global shares rose 7.5% to close at $12.80 Monday on the news that a long-awaited merger with Skydance Media moved closer to completion.
The company’s stock has declined markedly in recent years, falling to about one-third of its level in late-2019, when the reunion of CBS and Viacom became official.
As various M&A scenarios circulated over the past three months, however, including a now-less-likely transaction involving Sony Pictures Entertainment and private equity giant Apollo, the shares have risen almost 30%.
Monday’s spike, on higher-than-average trading volume, showed investor’s continued belief in the near-term upside of an acquisition.
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