Skydance Media, Paramount
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Shares of Paramount Global surrendered early gains Friday, closing down 1.6% at $13.05. They initially got a bit of a pop from the FCC’s long awaited approval of the merger wtih Skydance Media. But investors remain cautious as the combined entity’s basic strategy on key fronts from cable to streaming
MoffettNathanson says it will be awaiting clarity on the future of Paramount+ and the linear network portfolio
The stamp of approval from the Federal Communications Commission comes after months of turmoil revolving around U.S. President Donald Trump's legal battle with 60 Minutes, the crown jewel of Paramount-owned broadcast network CBS.
Proving that Hollywood really is in the business of happy endings—provided you’re loose enough with your definitions of “happiness,” and apply them pretty much exclusively to corporate entities willing to perform moral gymnastics that would put your average Olympian to shame—Paramount has successfully received FCC approval for its plans to sell itself to media company Skydance Media.
The cloud deal with Skydance-Paramount comes shortly after Oracle announced a new round of spending in Europe. The company said it plans to invest US$3 billion over the next five years to expand its data centre capacity in Germany and the Netherlands. Oracle has earmarked US$2 billion for Germany and US$1 billion for Dutch operations.