Updated with press release status and stock movement. Paramount Global shares, which had ticked up 1.6% Wednesday amid word of a left-field acquisition offer, sank in after-hours trading as questions were raised about the legitimacy of the purported bid.
Deadline wrote about the offer from a company called Apex Capital Trust on Wednesday after it had been covered earlier in the day by Bloomberg, Reuters and other media outlets. The bid ostensibly was delivered to Paramount’s board and controlling shareholder National Amusements on July 12, at the start of the 45-day “go-shop period” provided for in its planned merger with Skydance. It was announced Wednesday morning via a press release on BusinessWire, a reputable forum for official corporate communication. Steven Weiss, an EVP at Rubenstein Public Relations, was listed as the press contact.
By late afternoon on the East Coast, the press release had been taken down by BusinessWire, leaving only...
Deadline wrote about the offer from a company called Apex Capital Trust on Wednesday after it had been covered earlier in the day by Bloomberg, Reuters and other media outlets. The bid ostensibly was delivered to Paramount’s board and controlling shareholder National Amusements on July 12, at the start of the 45-day “go-shop period” provided for in its planned merger with Skydance. It was announced Wednesday morning via a press release on BusinessWire, a reputable forum for official corporate communication. Steven Weiss, an EVP at Rubenstein Public Relations, was listed as the press contact.
By late afternoon on the East Coast, the press release had been taken down by BusinessWire, leaving only...
- 7/31/2024
- by Dade Hayes
- Deadline Film + TV
Updated, 4:30 Pm Et: An announcement put out Wednesday by Business Wire, a service that distributes press releases on behalf of clients, about a purported new bid for Paramount Global was withdrawn later in the day.
A press release carried by Business Wire at 9:05 a.m. Et Wednesday from a company identified as “Apex Capital Trust” — described as “a conglomerate of financial institutions and financial services providers” — said Apex had submitted a rival bid for Paramount Global for “up to $43 billion.”
However, at about 3 p.m. Et, Business Wire issued a “kill” request for the press release and removed it from the service, raising questions about its authenticity. Reps for Business Wire did not respond to a request for comment. A PR rep for “Apex Capital Trust” included in the release did not respond to a request for comment.
The now-retracted press release came nearly a month after Paramount Global and Skydance,...
A press release carried by Business Wire at 9:05 a.m. Et Wednesday from a company identified as “Apex Capital Trust” — described as “a conglomerate of financial institutions and financial services providers” — said Apex had submitted a rival bid for Paramount Global for “up to $43 billion.”
However, at about 3 p.m. Et, Business Wire issued a “kill” request for the press release and removed it from the service, raising questions about its authenticity. Reps for Business Wire did not respond to a request for comment. A PR rep for “Apex Capital Trust” included in the release did not respond to a request for comment.
The now-retracted press release came nearly a month after Paramount Global and Skydance,...
- 7/31/2024
- by Todd Spangler
- Variety Film + TV
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