S&P 500 stock Paramount surged Wednesday on reports that billionaire media mogul Byron Allen made a $14 billion takeover offer for Paramount Global.
Allen has made a $14.4 billion offer for Paramount with the total value of the deal around $30 billion including debt, according to the early report by Bloomberg Wednesday.
Paramount stock, which is an S&P 500 component, surged around 17% ahead of Wednesday market action. PARA gained 6.7% to 14.59.
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Paramount stock has a 13 Composite Rating out of a best-possible 99. Shares also have a 20 Relative Strength Rating and a 15 EPS Rating.
Last year, The Wall Street Journal reported that Paramount was thinking about a potential sale. The WSJ also recently reported that Skydance Media backers have explored an all-cash deal to gain control of Paramount.
Meanwhile, Warner Bros. Discovery Chief Executive David Zaslav reportedly met with Paramount Chief Executive Bob Bakish in December to discuss a possible merger, according to the WSJ.
Following S&P 500 component Paramount's advance Wednesday, WBD shares angled down 0.8%. Disney edged down 0.9% and sits in a buy zone from a flat base 96.51 entry.
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