Paramount (PARA) Falls on Looming $8.4-Billion Merger with Skydance

We recently published 10 Stocks Bleeding Early. Paramount Global (NASDAQ:PARA) is one of the companies that stood stronger last week.

Paramount Global dropped its share prices by 5.38 percent on Monday to close at $12.31 apiece as investors turned cautious amid leadership changes in relation to the company’s looming $8.4-billion merger with Skydance Media.

Following the approval of the US regulators, Paramount Global (NASDAQ:PARA) was set to officially merge with Skydance Media effective Thursday, August 7.

Paramount (PARA) Falls on Looming $8.4-Billion Merger with Skydance

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In relation to the merger, Paramount Global (NASDAQ:PARA) President and CEO Tom Ryan is stepping down from his post, as the joint company will be headed by new CEO David Ellison.

In late July, the Federal Communications Commission voted 2-1 to approve the deal and transfer of 28 CBS television station licenses to David’s father and billionaire Larry Ellison. The sole democrat on the panel dissented, citing a regulatory review that she claimed invited abuse of power.

Skydance Media, alongside private equity firm RedBird, acquired Paramount Global (NASDAQ:PARA), ending Redstone’s 38 years of control of the company.

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