Todd Spangler NY Digital Editor Shares of Paramount Global sprang to life ahead of the July 4 holiday on a renewed agreement between Skydance Media and controlling shareholder Shari Redstone that would merge Skydance and Paramount.
On Wednesday (July 3), Paramount’s stock opened up 13% to over $12/share, its highest levels in nearly a month. In early trading, the price settled down to around $11.76-$11.85/share (up 10%).
Last month shares had tumbled after Redstone nixed Skydance’s previous offer on June 11, falling to all-time lows of under $10.
The bump comes after the news Tuesday that Redstone reached a preliminary deal with David Ellison’s Skydance production company — coming three weeks after the previous talks fell apart.
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