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Bond Market News
Paramount, Viacom Bonds Rally on Merger Deal Reports
July 5, 2024
Bonds of Viacom and Paramount rallied by over 2-4 points across the curve yesterday. This comes after Paramount Global and movie studio Skydance Media reached a merger deal. In June, negotiations had broken after National Amusements left the table. Skydance’s deal to acquire theater operator National Amusements, which has a 77% controlling interest in Paramount Global could be finalized by Monday, they sources added. Skydance has offered to pay $1.75bn for National Amusements, and this will be reviewed by a special committee of Paramount’s board. Other reports indicate a total deal price potentially touching $2.2bn.
Viacom’s 5.5% 2033s were up 4 points to 88.8, yielding 7.2% and Paramount’s 4.2% 2029s were up 2.5 points to 90.9, yielding 6.4%.
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