Sony Corp. and Apollo Global Management are considering a joint bid for Paramount Global, potentially partnering to take the entertainment company private, with Sony owning a majority stake. This move comes as Paramount holds exclusive talks with Skydance and Redbird Capital. The potential deal raises questions about the future of Paramount's streaming and linear TV assets, as well as regulatory considerations due to Sony's foreign ownership. Meanwhile, Skydance has articulated a plan to deliver operating efficiencies and leverage executive teams to turn Paramount around, while some investors have expressed disappointment over the decision not to pursue Apollo's all-cash offer.
Paramount Global's stock price surged by 15 percent as talks of a potential deal with Skydance Media progress, with an exclusive negotiating window agreed upon by Paramount and its controlling shareholder National Amusements. Skydance, known for collaborating on blockbuster film franchises with Paramount, has reportedly made a takeover offer for National Amusements, and private equity firm Apollo Global Management has also expressed interest in acquiring Paramount Pictures. The conglomerate, facing industry challenges and debt issues, is navigating potential acquisition offers and strategic investments while seeking to improve its streaming business.
Boeing is reportedly in talks to repurchase Spirit Aerosystems, the fuselage maker for its 737 Max jets, as both companies work to address manufacturing defects. This comes after a section of a Boeing 737 Max 9 plane blew out during a flight, leading to investigations and the temporary grounding of the planes. Spirit Aerosystems had a market capitalization of $3.3 billion as of Thursday’s close, and about 70% of its revenue last year came from Boeing. Boeing and Spirit Aerosystems declined to comment on the acquisition talks.
DocuSign's stock dropped 8.5% after reports that acquisition talks with private equity firms, Bain Capital and Hellman & Friedman, have stalled due to disagreements over the acquisition price. Despite the setback, DocuSign's market capitalization of nearly $11 billion makes it an attractive acquisition target, and the company's top-line growth has stabilized, with potential for its first-ever full-year net profit. However, with hopes of a lucrative acquisition premium fading, the stock has pulled back, reflecting investor sentiment.
Los Angeles Times owner Patrick Soon-Shiong engaged in last-minute discussions to buy The Messenger from founder Jimmy Finkelstein, following the L.A. Times' recent layoffs. Soon-Shiong reportedly made a "lowball" offer, which ultimately fell through, and The Messenger was subsequently shut down with 300 employees let go. The talks were described as a desperate attempt by Finkelstein to save the struggling publication, while the L.A. Times is also facing economic challenges and leadership changes.
Skydance Media, led by founder David Ellison, is in early discussions with investors to potentially gain control of Paramount Global, which houses CBS, Nickelodeon, and Comedy Central. The deal could result in a new entity merging Skydance with Paramount Global, effectively ending the Redstone family's direct control of the media assets. Paramount's position has weakened in the face of streaming competition, but it still holds valuable assets such as sports rights deals and popular programs. However, the potential transaction faces complexities due to Paramount Global's dual-stock structure and the need for significant capital.
Fisher Investments has publicly refuted a Wall Street Journal report claiming that the firm is in discussions to be sold to private-equity firm Advent International. The company's executive vice president, Naj Srinivas, stated that there is no such deal taking place. The WSJ had reported that talks were ongoing but also acknowledged that a deal might not happen or other buyers could appear. Advent International has not commented on the matter. Fisher Investments, founded by Ken Fisher, is a significant asset management firm with about $236 billion in assets worldwide.
Exxon Mobil has held preliminary talks with Pioneer Natural Resources about a possible acquisition of the U.S. shale oil producer. Pioneer Natural Resources stock surged 7.7% on Monday during market trade. Other shale plays also advanced. The talks between the two companies have been informal, and it is still unclear if a deal will get done. Meanwhile, OPEC+ announced an unexpected crude oil production cut of about 1.15 million barrels a day starting in May, causing U.S. crude oil prices to decline more than 1% to just below $80 per barrel on Monday.
UBS is reportedly in discussions to buy all or parts of Credit Suisse, with the goal of arriving at a solution by Monday. Swiss regulators are helping the talks to boost confidence in the country's banking sector. Credit Suisse's American depositary receipts skyrocketed over 7% in the extended session Friday, after ending the regular trading day down 7%. Shares trading in Zurich had their worst week since the 2008 financial crisis.
