"Paramount Stock Plummets as Shari Redstone Questions $11 Billion Apollo Offer"
Paramount Global shares plummeted after a report indicated that controlling shareholder Shari Redstone is skeptical of Apollo's $11 billion offer for Paramount Pictures, favoring a competing bid from Skydance Media backed by RedBird Capital, Tencent, and KKR. Former CNN chief Jeff Zucker and ex-NBCUniversal CEO Jeff Shell are also involved in the Skydance option, which includes taking a majority stake in National Amusements to gain control of Paramount Global. Paramount has been the subject of various M&A offers, including from Byron Allen and Warner Bros Discovery boss David Zaslav, as the company grapples with challenges stemming from declines in the pay-TV business.
