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Skydance’s David Ellison, Jeff Shell, and RedBird Capital looked to woo Wall Street to their planned merger with Paramount highlighting $2 billion in running cost synergies, streaming break-even in a few years and sooner if a partner emerges. The possibility of a tech partnership came up consistently on a webcast with Wall Street analysts today, as well as international streaming agreements in the works under Par’s current CEO trio — but no details on either.
Shell will oversee the combined company under CEO David Ellison. RedBird is injecting $1.5 billion in the deal, the Gerry Cardinale firm’s biggest investment ever.
Other interested parties have 45 days to make a better offer. If one “emerges from the woodwork,” the Skydance camp said, it will get a $400 million breakup fee.
Paramount shares had popped earlier premarket as the deal was confirmed late last night, but the stocks is now down more than 5%.
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