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Paramount Skydance Investment Rumor Sparks Stock Surge
Paramount Skydance leads a $71 billion bid with $21 billion from Middle Eastern sovereign wealth funds holding minority stakes in Warner Bros. Discovery.
- With nonbinding bids due on Nov. 20, Paramount Skydance led by David Ellison formed a consortium with Saudi Arabia's PIF, Qatar Investment Authority and Abu Dhabi Investment Authority to bid $71 billion for WBD.
- Ellison is pressing for a full buyout after past offers were rejected, as the WBD board turned down his $23.50/share bid and three earlier Paramount approaches.
- The structure assigns each fund an IP, a premiere and a shoot while preserving majority control at Skydance; sovereign wealth funds hold small minority stakes, backed by Ellison family and RedBird Capital.
- Shares of Warner Bros. Discovery jumped 6% on Tuesday after the report, then pared gains as Paramount Skydance called the news `categorically inaccurate` and company representatives declined to comment.
- Any deal involving sovereign funds will trigger US regulatory and antitrust review, with Public Investment Fund's $55 billion Electronic Arts deal setting a precedent and Vision 2030 advancing Qiddiya projects.
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Saudi Funds, White House Dinner & David Ellison: As Warner Bros. Discovery Bids Come Due, The Middle East Steps Up
With bidders vying to take over Warner Bros. Discovery ahead of a Thursday deadline, speculation is growing about the role of Middle East wealth in the game-changing transaction.
·Los Angeles, United States
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Paramount Skydance Investment Rumor Sparks Stock Surge
Paramount Skydance Investment Rumor Sparks Stock Surge On Tuesday, Paramount Skydance refuted claims made by Variety that it was collaborating with sovereign wealth funds from Saudi Arabia, Qatar, and Abu Dhabi in a $71 billion bid for Warner Bros Discovery. The reports were deemed 'categorically inaccurate' by the company.Following the rumors, shares of Warner Bros Discovery surged 5.5%, while Paramount experienced a 2% rise. Warner Bros Discov…
·India
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Coverage Details
Total News Sources16
Leaning Left4Leaning Right2Center3Last UpdatedBias Distribution45% Left
Bias Distribution
- 45% of the sources lean Left
45% Left
L 45%
C 33%
R 22%
Factuality
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