Paramount Stock Retreats on Report Shari Redstone Not Interested in Apollo’s $11 Billion Studio Buyout Bid

Paramount Global‘s beleaguered stock faltered Monday as investors fretted over the ongoing talks between controlling shareholder National Amusements Inc. and Skydance Media.

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Cynthia Littleton Business Editor Charter Communications is about to play a guest-star role in the corporate drama surrounding Paramount Global. As if Shari Redstone’s media empire wasn’t under enough pressure, Paramount Global now is in the final few weeks of its most recent carriage agreement with Charter, the nation’s second largest cable operator behind Comcast. The two companies are in renewal discussions, the outcome of which will have significant influence on Paramount’s ability to deliver the free cash flow that media investors are expecting from the company that has lately posted big losses on streaming operations.

UPDATED with stock price: Shares of Paramount Global jumped more than 15% Wednesday afternoon with Skydance chief David Ellison in pole position to clinch a majority stake of National Amusements.

Cynthia Littleton Business Editor Paramount Global and its parent company are moving closer to an agreement with Skydance Media for an exclusive window for acquisition negotiations as Shari Redstone and David Ellison inch toward a deal to bring their companies together in a three-way transaction. The New York Times on Tuesday reported on the rumors that have been swirling around Hollywood for the past few days.

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Todd Spangler NY Digital Editor Paramount Global‘s debt rating was cut to junk status by credit-rating agency S&P Global, which cited the media conglomerate’s ongoing challenges with free cash flow generation relative to its debt. S&P on Wednesday said it expects Paramount Global’s free operating cash flow-to-debt will remain “well below” 10% through 2025, and that adjusted leverage (debt-to-equity ratio) will stay above 3.5 times through then.

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Jennifer Maas TV Business Writer What does the future hold for Paramount Global? The odds of a seismic M&A event seem to be increasing: Private-equity firm Apollo Global has reportedly offered $11 billion for Paramount’s Hollywood studios. Short of carving up the “mountain of entertainment,” as the Paramount+ tagline boasts, analysts say the overture could drive up bidding for the entirety of Paramount Global — which is what Shari Redstone, who owns a controlling stake in the media conglomerate, is understood to prefer. Given that backdrop, let’s consider what Paramount Global comprises — and the potential effect of selling it off in its entirety or in pieces.

Despite the rigors of the ongoing transition from linear TV to streaming, NFL Chief Media & Business Officer Brian Rolapp expects traditional media partners like Fox, NBCUniversal, Disney and Paramount to remain viable for years to come.

Paramount 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 of Paramount Global popped in afternoon trade on a report that Apollo Global has made an $11 billion bid for the company’s film and TV studio. The private equity giant has been in and out of the mix of suitors, which also include David Ellison‘s Skydance Media and Byron Allen.

Todd Spangler NY Digital Editor Apollo Global Management, a major private-equity firm, has submitted an $11 billion bid to acquire Paramount Pictures, according to a published report. The Wall Street Journal, citing anonymous sources, reported that Apollo Global offered $11 billion for Paramount Global’s film and TV studio business. That would apparently not include CBS, Paramount Global’s cable networks or the streaming business that includes Paramount+ and Pluto TV.

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