Paramount and Warner Bros. Discovery shares climbed 6.3% and 7% respectively as parties negotiate a settlement to clear the path for their $81 billion merger.
Paramount shares rose 6.3% in premarket trading after reports of progress in settlement talks to resolve antitrust opposition to its proposed merger with Warner Bros. Discovery.
Warner Bros. Discovery shares rose 7% in premarket trading on the same report of progress in merger settlement negotiations.
Paramount and Warner Bros. Discovery shares surged in premarket trading following reports of progress in settlement negotiations to resolve antitrust opposition. The companies are discussing a $1.5 billion production commitment in California and potential divestitures to appease regulators.
The stocks are rallying on reports that the companies are making progress in settlement negotiations to resolve an antitrust lawsuit filed by a coalition of US states.
Proposals include a $1.5 billion commitment to California film production, maintaining studio lots, potential divestiture of Miramax, and the creation of a board to protect CNN's editorial independence.