Paramount shares rise on report it's considering exclusive sale talks with Skydance

By Mike Murphy

Shares of Paramount Global rose in after-hours trading Tuesday following a report that the media giant may soon be one step closer to selling.

The New York Times reported Tuesday evening that Paramount (PARA), which is controlled by Shari Redstone, is discussing entering exclusive sale negotiations with Skydance, the media and entertainment company led by David Ellison, son of Oracle founder Larry Ellison.

Such a move would be the most significant development in months-long acquisition rumors. Paramount shares rose about 2% in extended trading Monday, after ending the regular session about flat.

The Times, citing sources with knowledge of the discussions, said it was unclear if both sides would agree to exclusive talks, and reported that there remain other interested buyers.

Paramount's board is seeking to sell the entire company, according to the Times, rather than pieces of it. Among Paramount's assets are its movie studio, CBS, cable channels including Nickelodeon, Showtime and Comedy Central, and its streaming service Paramount+.

Paramount shares have sunk 20% year to date, and are down 46% over the past 12 months, compared to the S&P 500's SPX 9% gain in 2024 and 27% gain over the past year.

-Mike Murphy

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04-02-24 2108ET

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