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ForbesBusiness
Breaking

Paramount Reaches Tentative Merger Deal With Skydance—Stock Spikes 8%

Antonio Pequeño IV
Forbes Staff
Pequeño is a breaking news reporter who covers tech and more.
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Updated Jul 2, 2024, 07:34pm EDT

Topline

Skydance Media and Paramount Global are back in merger negotiations, according to multiple outlets, sending Paramount shares up more than 8% as the two companies re-enter the deal-making process following scuttled takeover talks last month.

Key Facts

Skydance reached a tentative deal to buy Paramount’s parent firm, National Amusements, and merge with Paramount, according to The Wall Street Journal.

Paramount shares are up more than 8% in after-hours trading Tuesday, furthering a 5.7% jump in shares during trading hours that resulted in the conglomerate’s stock closing at $10.72.

The reigniting of merger talks continues a months-long deal-making saga between the two companies that appeared to end last month, after a Skydance offer of reportedly somewhere between $1.7 billion and $2.2 billion for National Amusements failed to go through and a window for exclusive negotiations between the two sides ended.

Paramount declined to comment.

This is a developing story. Check back for updates.

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Antonio Pequeño IV
Antonio Pequeño IV
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