(Reuters) – Paramount Global goes public on Friday following reports that the media conglomerate has received expressions of interest in its takeover.
On Wall Street, around 5:15 p.m. GMT, Paramount shares jumped 13.40% to $17.045, compared to a decline of 0.11% for the S&P-500 index.
Its competitor Warner Bros Discovery takes 6.56% at the same time.
Online news sites Deadline and Puck News have reported that Skydance Media boss David Ellison and investment firm RedBird Capital are interested in acquiring Paramount.
The duo is trying to buy the company through National Amusements, the media company run by Shari Redstone that owns 77% of Paramount’s Class A voting stock, Deadline reports.
Taking a majority stake in National Amusements could be a simpler and cheaper way to take control of Paramount’s assets without buying the company outright, notes Puck News.
Skydance Media did not immediately respond to Reuters’ request for comment, while Paramount and RedBird Capital declined to comment.
Paramount’s market capitalization is around $10 billion, while its debt load stands at $15.6 billion.
(Reporting by Pranav Kashayap in Bangalore; French version Claude Chendjou, edited by Camille Raynaud)
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