Paramount Stock Drops 5% On Skydance Merger News

deadline.com:

Paramount Global stock fell 5% on Thursday as investors absorbed details of the company’s merger agreement with Skydance Media.

The companies are targeting a closing of the deal in the third quarter of 2025. Skydance and its backers are investing $8 billion in Paramount in a transaction assigning the company an enterprise value of $28 billion.

Paramount stock, which has already fallen 22% in 2024 to date, closed at $11.18, down 5% for the day. Trading volume was about twice its normal level.

The company’s dual-class \structure, a non-uncommon setup for media stocks, privileged holders of Class A (voting) shares. National Amusements, the Shari Redstone-run owner of a controlling stake in Paramount, held about 77% of Class A shares but just 10% of the company’s total equity.