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Bond Market News
Paramount-Skydance Merger to Be Challenged
December 18, 2024
Paramount’s planned $8.4bn merger with Skydance Media will be challenged by The Center for American Rights. It is said that Tencent’s investment in Skydance may have given rise to concerns about foreign influence on US media. The group also addressed Paramount’s CBS News and Television divisions, citing bias and news manipulation amongst other reasons. The merger between Paramount and Skydance is expected to close in the 1H2025. Earlier this year, an investor in Paramount sued to block the deal saying it would cost its shareholders $1.65bn. Paramount recently swung to a streaming profit from losses a year ago.
The company’s bonds were trading stable – for instance, Viacom’s 5.5% 2033s were at 95.2, yielding 6.2% and Paramount’s 6.75% 2037s were at 99.4, yielding 6.8%.
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