Paramount Stock Rides Roller Coaster Back Down After Report That Shari Redstone Is “Unconvinced” By Apollo Offer For Studio
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deadline.comParamount Global shares, which soared Wednesday on news that Apollo had made an $11 billion offer for Paramount Pictures, has slumped today after a report splashed cold water on the scenario.
Shares in the media company had dropped 5% by mid-day, to below $12, after the Financial Times reported that controlling shareholder Shari Redstone is “unconvinced” by the private equity offer.
Apollo’s offer, which valued just the studio at more than the entirety of Paramount Global, pushed the stock up 12% on Wednesday.
Redstone has long regarded the studio, which was a cherished asset of her father, Sumner Redstone, as the centerpiece for Paramount and a deal without the studio could be far trickier to engineer.
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