Photo by Hannah Wernecke on Unsplash
Paramount Is Possibly Going Up for Auction
January 12, 2024
Warner Bros. Discovery and Skydance Media are at the negotiating table, discussing the potential acquisition of media company Paramount. The deal centers around acquiring a controlling stake in Paramount, currently held by majority owner Shari Redstone. Owning her majority shares would mean a pivotal transition for the company.
Redstone isn’t just any media executive. She has her hands on the helm of Paramount Global and National Amusements, the latter holding a whopping 77% of Paramount’s voting shares. This isn’t a small transaction; selling this share in Paramount hands the keys of control over to the highest bidder.
The negotiations are in the introductory stages, and there’s more than just these two parties at play. Investment firms also eye a piece of the pie, which could potentially escalate the selling price for Paramount. Warner Bros. Discovery, in particular, has shown keen interest in Paramount, even exploring merger options with the Paramount Global CEO, Bob Bakish, last month.
As the talks with Skydance Media and Warner Bros. Discovery progress, there’s an increased likelihood of them crumbling under the pressure of escalating costs driven by the entry of investment firms. No auction date is set in stone yet, but sources indicate that financial experts have initiated the process of sharing Paramount’s details with interested bidders.
The stakes are high as the new owner of National Amusements would not only have control over Paramount but also a suite of popular cable TV networks. This includes heavyweights like Nickelodeon, Comedy Central, MTV, and several movie theaters.
The backdrop to this high-stakes game is a tumultuous time for the entertainment industry. Cable TV viewership is on a downhill path, and most streaming platforms are grasping for profitability. Paramount’s own streaming service, Paramount+, is among those struggling in the fierce battlefield of streaming services.
Recent News
Premium and Healthier Food Options Gain Traction
As consumers become more mindful of their spending, the global sales of cooking ingredients and meals saw a notable increase of 4.4% in 2023, driven by inflation and higher commodity prices, according to Euromonitor International. This trend underscores a shift in consumer behavior towards more economical choices while still showing a preference for premium, healthier, and environmentally sustainable options.
Dairy Manufacturers Inc. Issues Voluntary Recall of Baby Formula
In a significant move, Dairy Manufacturers Inc., a Texas-based company, has initiated a voluntary recall of several baby formula products after they were found to be noncompliant with U.S. Food and Drug Administration (FDA) regulations. The recall encompasses all lot codes of three specific products: Crecelac Infant 0-12, Farmalac 0-12, and Farmalac 0-12 Low Lactose. This announcement was officially published on the FDA’s website on Saturday.
Fitness Equipment to Become $18.4 Billion Market
The global fitness equipment market is projected to reach $18.4 billion by 2033, growing at a CAGR of 3.02% from 2024 to 2033, according to Allied Market Research. Key drivers include the integration of Internet of Things (IoT) technology in fitness devices and the rise of corporate wellness programs. IoT-enabled equipment captures workout metrics in real time, enhancing user engagement and offering personalized insights. Corporate wellness initiatives promote physical activity in the workplace, increasing demand for fitness equipment in corporate gyms.
Walmart Ends Partnership with Capitol One
Walmart has officially ended its consumer credit card agreement with Capital One, marking a significant shift in the retail giant’s financial partnerships. This decision follows a series of disputes over customer service issues that culminated in a legal battle and a federal judge’s ruling.