Paramount Skydance Corp. shares surged nearly 9% in morning trading Tuesday as the newly formed media giant moved closer to securing $24 billion in equity commitments from Middle Eastern sovereign wealth funds to finance its ambitious $81 billion to $110 billion takeover of Warner Bros. Discovery, a deal that could reshape Hollywood and the global streaming landscape.
The stock (NASDAQ: PSKY) climbed to $10.74, up $0.88 or 8.98%, by 10:53 a.m. EDT on heavy volume, reversing some of the year's earlier losses amid renewed optimism around the blockbuster merger. The rally followed fresh reports and company filings confirming advanced talks with a consortium led by Saudi Arabia's Public Investment Fund, along with Qatar Investment Authority and Abu Dhabi investors.
