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☆ Goldman names 'stable growers' to buy as higher rates put brakes on 2024 rally
▼ + stars: | 2024-04-29 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

"Stocks with stable growth typically perform best alongside decelerating economic growth." In this economic climate, Goldman is advising clients to buy stocks offering stable growth. The Wall Street bank screened Russell 1000 stocks for those with the most stable growth in earnings before taxes, depreciation and amortization on a quarterly basis over the past 10 years. "Should the outlook for earnings growth deteriorate, the recent stretch of quality outperformance will likely continue and also expand to include stocks with stable growth," Goldman said. Industrial companies such as Waste Management and Fastenal also made the list, as well as consumer discretionary names Domino's Pizza and AutoZone .

Persons: Goldman Sachs, David Kostin, Goldman, Fastenal Organizations: Federal Reserve, Russell, PepsiCo, Colgate, Palmolive, Waste Management

☆ Gangs forced out Haiti’s government. This FBI ‘Most Wanted’ gang leader claims they’re liberating the country
▼ + stars: | 2024-04-29 | by ( Caitlin Stephen Hu | David Culver | ) edition.cnn.com time to read: +22 min

Port-au-Prince, Haiti CNN —Vitel’homme Innocent’s picture on the FBI’s “Ten Most Wanted” list of fugitives suggests a crazed man – eyes wide and wild, teeth bared. But the man on the gold sofa preferred to talk about a brighter future – one that he claims Haiti’s gangs are prepared to usher in. Abandoned cars on the road between the US Embassy and the Kraze Baryé stronghold in Port-au-Prince, Haiti, on April 28, 2024. Kraze Baryé employs around 100 men and women, according to Innocent’s lieutenant and cousin, the bleach-blond Dezod Augustin, 34. But Haiti’s gangs maintain they deserve a seat at the negotiating table.

Persons: Haiti CNN —, Innocent, Evelio Contreras, “, ” Innocent, de, –, Kraze Baryé, ”, Viv Ansanm, Ariel Henry, Henry, Kraze, “ It’s, ’ Marie, Lucie Bonhomme Opont, Pierre, Louis Opont, territoire perdue, Opont, ’, Jimmy Chérizier, Robin Hood, Sanjou, Dezod Augustin, Gedeon Jean, Prince, Baryé, Delmas, Antony Blinken, Haiti Dennis Hankins, Rick Barton, Haiti’s, CNN Jean, Henry’s, Jean, CNN’s Rachel Clarke Organizations: Haiti CNN, CNN, Haiti’s, Prince, de Mars, United Nations, Haitian National Police, ”, Kenya, Haiti’s National Police, CARICOM, US Embassy, Security, “, Washington, US, UN, Fund, Federal Bureau of, State Department Locations: Prince, Haiti, Tabarre, Haiti’s, Port, balaclavas, Haitian Creole, Haitian, Nairobi, “, Canada, United States, Kraze Baryé, American, France, Kenya, Bahamas, Bangladesh, Barbados, Benin, Chad, Jamaica, it’s, Atlanta

☆ Oil prices drop as reports say Israel and Hamas could soon head for cease-fire talks
▼ + stars: | 2024-04-29 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

Oil prices fell as reports on Monday indicated that Israel and Hamas could engage in cease-fire talks this week. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementOil prices dropped Monday with energy markets eyeing fading geopolitical risks as Israel and Hamas reportedly move toward cease-fire talks. Cease-fire discussions could begin as soon as Tuesday if both parties agree to meet Cairo, the report said. Analysts say they see as much as a 20% surge for stocks in the sector as conflict and supply disruptions keep prices elevated.

Persons: Antony Blinken, —, Brent, Israel, David Rosenberg Organizations: Service, Hamas, West Texas Intermediate, The New York Times, United, Reuters, Bank Locations: Israel, Cairo, United States, Saudi Arabia, Rafah, Russia, Ukraine, OPEC

☆ Paramount CEO Bob Bakish is officially out
▼ + stars: | 2024-04-29 | by ( Paul Squire | ) www.businessinsider.com time to read: +2 min

CEO Bob Bakish will step down and be replaced by a trio of senior executives. David Ellison has been itching to strike a deal with Shari Redstone to buy Paramount. AdvertisementParamount announced Monday that its president and CEO Bob Bakish is out and will be replaced by a trio of execs. Bakish is stepping down from the entertainment studio as major shareholder Shari Redstone inches closer to a possible sale of her controlling stake in the company. In the statement, Shari Redstone (who also serves as the chair of the board) said she has "tremendous confidence" in the new leadership.

Persons: Bob Bakish, David Ellison, Shari Redstone, —, Shari, David Ellison's Skydance, Larry Elison, George Cheeks, Chris McCarthy, Brian Robbins, Bakish, David Ellison's Organizations: Paramount, Service, Oracle, Bloomberg, — CBS, Showtime, MTV Entertainment Studios, Paramount Media Networks, Nickelodeon, Board, Paramount Global, Hollywood

☆ The Fed is focusing on 'flawed' data and keeping rates high will result in a big policy mistake, economist says
▼ + stars: | 2024-04-29 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +3 min

Read previewThe Federal Reserve's fixation on a streak of "flawed" data to justify keeping interest rates higher for longer is bound to spark a policy mistake, according to top economist David Rosenberg. "The Fed seems to be focusing not just on flawed data, but on headlines only. Finally, he noted that the Fed's long-term view of the economy as still hot based on non-farm payroll data was dashed by the Quarterly Census of Employment and Wages and Business Employment Dynamics. Rosenberg pointed out that the payroll report may be exaggerating actual employment by 70,000 per month. Meanwhile, BED data indicated a 192,000 drop in private employment in Q3 of last year, whereas private job payroll data reported a significant 521,000 increase in that time.

Persons: —, David Rosenberg, Rosenberg, it's Organizations: Service, Business, Fed, Quarterly, Employment Dynamics

On Today’s Episode:With Israel Poised to Invade Rafah, Negotiators Try Again for Cease-Fire Deal, by Isabel Kershner and Edward WongCrackdowns at 4 College Protests Lead to More Than 200 Arrests, by Anna Betts, Matthew Eadie and Nicholas Bogel-BurroughsTrump and DeSantis Meet for First Time Since Bruising Primary, by Maggie Haberman and Nicholas Nehamas

Persons: Isabel Kershner, Edward Wong Crackdowns, Anna Betts, Matthew Eadie, Nicholas Bogel, Burroughs Trump, Maggie Haberman, Nicholas Nehamas Locations: Rafah

☆ Paramount’s Chief Executive, Bob Bakish, Steps Down
▼ + stars: | 2024-04-29 | by ( Benjamin Mullin | Lauren Hirsch | ) www.nytimes.com time to read: +1 min

Bob Bakish, the chief executive of Paramount, is stepping down effective immediately, the company announced on Monday, a stunning shake-up in the top ranks of the company as it considers a major merger. Mr. Bakish, 60, will be replaced by an “office of the C.E.O.” run by three executives: Brian Robbins, head of the Paramount movie studio; George Cheeks, chief executive of Paramount’s CBS division; and Chris McCarthy, chief executive of Showtime and MTV Entertainment Studios. Like many media companies, Paramount has struggled in recent years to get its streaming business off the ground as audiences for its cable channels have diminished. In recent months, the company has been in discussions to merge with Skydance, a media company run by the tech scion and Hollywood executive David Ellison. Shari Redstone, Paramount’s controlling shareholder, has already signed off on a potential deal for her stake, but the company’s directors have yet to reach an agreement for the whole company.

Persons: Bob Bakish, Bakish, Brian Robbins, George Cheeks, Chris McCarthy, Bakish’s, David Ellison, Shari Redstone Organizations: Paramount, Paramount’s CBS, Showtime, MTV Entertainment Studios

☆ Shopify plans a reorg of its Support division as the ratio of managers to 'crafters' falls below target
▼ + stars: | 2024-04-29 | by ( Madeline Stone | ) www.businessinsider.com time to read: +4 min

Read previewShopify is planning a reorganization of its Support division, and employees worry cuts are on the way. He said that Support teams working with Shopify's largest enterprise merchants would not be affected. OpenAI recently hired Glen Worthington, Shopify's former vice president of global support, to lead its own customer service operations. Jen Bebb, previously Shopify's director of global merchant and product support, left the company in March when Worthington left. Clovis Cuqui, who previously led support as Shopify's VP of merchant acceleration, announced his departure in October.

Persons: —, David Kohl, We've, Kohl, we're, crafters, Shopify, OpenAI, Glen Worthington, Shopify's, Jen Bebb, Worthington, Clovis Cuqui Organizations: Service, Business, WordPress Locations: Philippines, Canada, mstone@businessinsider.com

☆ Republic First Bank's failure is not a sign of broader problems among regional banks: Analyst
▼ + stars: | 2024-04-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRepublic First Bank's failure is not a sign of broader problems among regional banks: AnalystDavid Smith of Autonomous Research discusses why he thinks Republic First Bank is not a "canary in the coal mine" and how a higher-for-longer interest rate environment might affect the regional bank sector.

Persons: David Smith Organizations: Autonomous Research, Bank

☆ Paramount Global ousts chief Bob Bakish as future of media conglomerate hangs in the balance
▼ + stars: | 2024-04-29 | by ( Oliver Darcy | ) edition.cnn.com time to read: +4 min

New York CNN —Paramount Global on Monday parted ways with its chief executive, Bob Bakish, in a seismic move that sent reverberations through the media conglomerate as it actively engages in acquisition talks with Skydance Media. In place of Bakish, who led the company since controlling shareholder Shari Redstone reunited Viacom and CBS Corporation under one roof in 2019, will be a triumvirate of leaders: Brian Robbins, chief executive of Paramount Pictures; Chris McCarthy, chief executive of Showtime and MTV Entertainment Studios; and George Cheeks, chief executive of CBS. In an attempt to stave off declining cable revenues, Paramount has spent billions of dollars building its own streaming service, Paramount+. Supporters of the Skydance deal hope that merging Paramount with the Ellison-led company will change its fortunes. Those shareholders have argued the deal primarily benefits Redstone and they have encouraged Paramount’s board to evaluate other options.

Persons: Bob Bakish, Bakish, Shari Redstone, Brian Robbins, Chris McCarthy, George Cheeks, Bob, ” Redstone, David Ellison, Larry Ellison, Ellison, Skydance, Jeff Shell Organizations: New, New York CNN, Paramount Global, Skydance Media, Viacom, CBS Corporation, Paramount Pictures, Showtime, MTV Entertainment Studios, CBS, Paramount, Skydance, CNN, BET, Nickelodeon, MTV, Comedy, Netflix Locations: New York, Redstone, Skydance

☆ We are going into a credit picker's market, says Oaktree's David Rosenberg
▼ + stars: | 2024-04-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe are going into a credit picker's market, says Oaktree's David RosenbergDavid Rosenberg, Oaktree head of liquid performing credit, joins 'Money Movers' to discuss how Rosenberg sees the current cycle of rates, what it would take for the Federal Reserve to cut rates, and more.

Persons: Oaktree's David Rosenberg David Rosenberg, Oaktree, Rosenberg Organizations: Federal Reserve

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☆ Why economists who originally expected multiple deep rate cuts in 2024 now say a hike is possible
▼ + stars: | 2024-04-29 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

From deeps rate cuts to a potential rate hike in 2024, one firm has changed its forecast in a big way. Macquarie said the resilient economy means potential interest rate cuts won't happen until 2025. Assuming the central bank moves the federal funds rate down by 25 basis point increments, that would equate to nine interest rate cuts just this year. AdvertisementThat lack of economic weakness has led to a stark shift in interest rate forecasts, with even the Federal Reserve suggesting that its initial projections of three interest rate cuts this year could dwindle to one rate cut or even none. That could be a double whammy for a stock market that had been largely fixated on interest rate cuts this year.

Persons: Macquarie, —, David Doyle, Neil Shankar, Jerome Powell Organizations: Service, Macquarie, Federal Reserve, Fed, UBS

☆ Delay, Delay, Delay
▼ + stars: | 2024-04-29 | by ( David Leonhardt | ) www.nytimes.com time to read: +1 min

And he directed state election officials to “find” him votes. Even so, Congress did not sanction him, and neither of the criminal trials related to his actions may even start before the 2024 election. Republican senatorsThe simplest path for addressing Trump’s attempts to overthrow an election was always in Congress. Congress has the power to impeach officials and bar them from holding office again, and it has used this power before. Most criminal convictions, by contrast, do not prevent somebody from holding office.

Persons: Donald Trump, Trump, Trump’s Organizations: Capitol, Republican, Democratic, Congress

☆ Why Eli Lilly's earnings are no sure thing for traders despite obesity drug momentum
▼ + stars: | 2024-04-29 | by ( Christina Cheddar Berk | In | ) www.cnbc.com time to read: +5 min

Tirzepatide is the active ingredient in both Eli Lilly's diabetes treatment Mounjaro and its anti-obesity drug Zepbound. Based on that calculation, earnings will be lower by about 13 cents per share, he said, in research published last Tuesday. "Strong demand for Mounjaro & Zepbound can easily pull through in 2H24 and make up for any 1H24 shortfalls." For the week ended April 19, combined prescriptions of Mounjaro and Zepbound rose 63% year over year, according to IQVIA. Wells Fargo Mohit Bansal said he expects investors to look past any Trulicity shortfalls as the focus is firmily on Zepbound and Mounjaro for Lilly's future growth.

Persons: Eli Lilly, Eli, James Shin, Lilly, Shin, David Risinger, Zepbound, Wells, Bansal, Jo Walton, Walton, Lilly's, Tirzepatide, Deutsche Bank's Shin, — CNBC's Michael Bloom Organizations: Drug Administration, Deutsche Bank, IMS, UBS, Research, Deutsche, FDA Locations: 2H24, U.S

Campus police officers from the University of Texas at Austin and state troopers in riot gear arrested on Monday dozens of pro-Palestinian protesters who had erected a small number of tents on a central mall of the state’s flagship university. Greg Abbott who last week moved swiftly to stamp out a much larger gathering on campus, a crackdown that led to more than 50 arrests. At least 40 people had been arrested so far on Monday, with officers forming a cordon around the encampment. Around them, a large number of students and onlookers chanted in support of the protesters. “No encampments will be allowed,” Mr. Abbott wrote in a statement after the arrests had begun.

Persons: Greg Abbott, Mr, Abbott, ” Organizations: University of Texas, Gov Locations: Austin

☆ Paramount says CEO Bob Bakish is stepping down, will be replaced by a trio of executives
▼ + stars: | 2024-04-29 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +4 min

David A. Grogan | CNBCParamount Global CEO Bob Bakish is stepping down, the company announced Monday, as merger negotiations with Skydance Media continue. Bakish climbed the corporate ladder after joining Viacom in 1997, until he became CEO of the company in 2016. Following the merger of Viacom and CBS, he became CEO of the combined company in 2019, which was later renamed as Paramount Global. Paramount will now be led by CBS president and CEO George Cheeks; Chris McCarthy, president and CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, the head of Paramount Pictures and Nickelodeon. Paramount said it added 3.7 million Paramount+ subscribers during the quarter, bringing the total to 71 million.

Persons: Bob Bakish, David A, Bakish, George Cheeks, Chris McCarthy, Brian Robbins, Naveen Chopra, Chopra, LSEG, Bob Marley Organizations: Viacom, Allen & Company Sun Valley Conference, Grogan, CNBC Paramount Global, Skydance Media, CBS, Paramount Global, Paramount, Showtime, MTV Entertainment Studios, Paramount Media Networks, Paramount Pictures, Nickelodeon, LSEG, Super, BET, MTV, NFL, TV Media, Hollywood Locations: Sun Valley , Idaho

☆ In a Communist Stronghold, Capitalists Become an Economic Lifeline
▼ + stars: | 2024-04-29 | by ( David C. Adams | ) www.nytimes.com time to read: 1 min

A modern grocery store whose shelves are packed with everything from pasta to wine fills a spot in central Havana once occupied by a drab state-owned flower shop, its ceilings and walls repaired and repainted. A former state glass company in a Havana suburb now houses a showroom for a private business selling Cuban-made furniture. And at the Cuban capital’s port, forklifts carefully unload American eggs from a refrigerated container. The eggs are bound for an online private supermarket that, much like Amazon Fresh, provides home delivery. These ventures are part of an explosion of thousands of private businesses that have opened in recent years across Cuba, a remarkable shift in a country where such enterprises have not been permitted and where Fidel Castro rose to power leading a communist revolution determined to eliminate capitalist notions like private ownership.

Persons: Fidel Castro Locations: Havana, Cuban, Cuba

☆ Bernstein says 'be like Buffett' and buy Apple shares while they are cheap, upgrades to outperform
▼ + stars: | 2024-04-29 | by ( John Melloy | ) www.cnbc.com time to read: +5 min

Bernstein upgraded shares of Apple on Monday, saying they had fallen too far on fears of sluggish iPhone 15 sales and overall weak revenue in China. Bernstein upgraded Apple to outperform from market perform and kept its $195 price target, representing 15% upside from here. Sacconaghi's upgrade note, which he titled, "Buy the fear," comes before Apple reports earnings Thursday evening. Bernstein also cites that history shows it pays to buy Apple shares in the three months ahead of a new iPhone launch, noting that the stock has outperformed in 15 of those past 17 periods. Bernstein upgraded Apple to outperform from market perform and kept its $195 price target, representing 15% upside from here.

Persons: Bernstein, Buffett, Warren Buffett, Toni Sacconaghi, Berkshire Hathaway, YTD Bernstein, David A, CNBC Bernstein Organizations: Apple, Berkshire, Berkshire Hathaway, Grogan, CNBC Locations: China, Berkshire, Omaha , Nebraska

☆ Stocks making the biggest moves midday: Tesla, Roku, Apple, SoFi, Domino's and more
▼ + stars: | 2024-04-29 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

SoFi Technologies — The consumer fintech company's stock price plunged about 10% on disappointing second-quarter earnings guidance. AT & T — The telecommunications stock popped 2.8% after Barclays upgraded AT & T to overweight from equal weight, citing a "mismatch" between the company's valuation and its growth prospects. Apple — Shares rose more than 3% after Bernstein upgraded the tech stock to outperform from market perform. Dave — Shares popped 9.8% after JMP initiated coverage of the fintech company with an outperform rating. Shares popped 9.8% after JMP initiated coverage of the fintech company with an outperform rating.

Persons: FactSet, Tesla, Domino's, LSEG, Roku, David Joyce, Bernstein, Toni Sacconaghi, Dave —, Dave, AMC preannounced, Bob Bakish, —, Sarah Min, Tanaya Macheel, Yun Li, Lisa Kailai Han, Michelle Fox Organizations: Technologies, Elon, Sunday, U.S, Philips —, Philips, Barclays, Seaport Research Partners, Apple, Airlines —, Jeffries, AMC Entertainment Holdings, AMC, Paramount Locations: China, U.S

☆ Inside the investing strategy of Hunterbrook Capital, the news-driven hedge fund. Can it succeed in a ruthless industry?
▼ + stars: | 2024-04-29 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +6 min

Small team, limited scopeThe hedge fund makes trades based solely on news from Hunterbrook Media, its media sister company, sometimes getting advanced copies of the articles and placing trades before publication. AdvertisementThe hedge fund, however, has just one sole full-time employee. Before a story is published on Hunterbrook Media, the firm's general counsel reviews it to make sure there's not any insider information — such as leaked earning figures — in it. AdvertisementIf the general counsel and the executives green light the story to be shared, then it goes to the hedge fund — in other words, Dunlevie and Horwitz — prepublication. Opportunities few and far between so farInvestigations from Hunterbrook Media so far have less than a 50% hit rate on turning into trades for the hedge fund.

Persons: —, Nate Anderson's Hindenburg, Carl Icahn's, Nathaniel Horwitz, Matt Murray, Paul Steiger, Bethany McLean, That's, Courtney Dunlevie, Horwitz, Sam Koppelman, Brian Koppelman, Dunlevie, Horwitz — prepublication, isn't, It's Horwitz, Matt, Pulitzer, Tony Horwitz, Geraldine Brooks, Cash, Hunterbrook, Marc Lasry, David Fialkow, Matt Cherwin, we're, " Horwitz Organizations: Service, Business, Hunterbrook, Hunterbrook Media, Wall Street, Barclays, Commonstock, Phoenix Suns, Avenue Capital, Catalyst, JPMorgan Locations: Italian, Korean, Brazil

☆ Opinion: Harvey Weinstein’s prosecutors made a huge mistake. Trump’s prosecutors risk repeating it
▼ + stars: | 2024-04-29 | by ( Opinion Jim Walden | Deanna Paul | ) edition.cnn.com time to read: +6 min

Jim Walden Courtesy of Jim WaldenA few days later, New York’s highest court overturned the sex crimes conviction of Hollywood movie mogul Harvey Weinstein. And the recent dramatic developments in the Weinstein case demonstrate why the presiding judge in the Trump trial, Judge Juan Merchan, needs to reverse his ruling allowing Trump to be questioned about proven misconduct from other cases. If he doesn’t, Trump could have an easy path to having a conviction in the case tossed out. This is essentially what happened in the Weinstein case. If he does not, Trump could get a conviction overturned while the ink hasn’t yet dried on the jury’s verdict.

Persons: Jim Walden, Deanna Paul, Walden, Donald Trump’s Manhattan, Harvey Weinstein, Weinstein, Trump, Juan Merchan, Deanna Paul Meredith Eves Flynn Trump, —, Karen McDougal, Stormy Daniels, David Pecker, Michael Cohen, Cohen, Daniels, Maggie Haberman, Merchan, Letitia James, E, Jean Carroll, Merchan’s, James Burke, Burke’s Organizations: New, CNN, Republican, Hollywood, Trump, Prosecutors, National Enquirer, New York Times, New York, Manhattan, Appeals Locations: New York

☆ Candace Parker: WNBA great announces retirement after 16 seasons
▼ + stars: | 2024-04-29 | by ( Homero De La Fuente | ) edition.cnn.com time to read: +3 min

CNN —Three-time WNBA champion Candace Parker announced her retirement in a post on social media Sunday. 1 overall pick in the 2008 WNBA draft played 16 seasons in the league with the Los Angeles Sparks, Chicago Sky and the Las Vegas Aces. During her career, Parker was a 10-time All-WNBA honoree and seven-time WNBA All-Star. She led the Sparks to 11 playoff appearances in her 13 seasons with the franchise, culminating in a WNBA championship in 2016. “Although the majority of her career was played in opposing uniforms, we were blessed to have her as part of our championship team a year ago.

Persons: Candace Parker, “, I’d, ” Parker, Parker, Sparks, Parker dribbles, David Becker, NBAE, Candace, I’ve, I’m, ” Organizations: CNN, Los Angeles Sparks, Chicago Sky, Las Vegas Aces, Indiana Fever, Sky, Aces, Tennessee Lady Vols, NCAA, Warner Bros, NBA, TNT, NBA TV Locations: Chicago, Las Vegas

☆ 4 Zebras Broke Free on a Highway. A Rodeo Clown Stepped In.
▼ + stars: | 2024-04-29 | by ( Michael Levenson | ) www.nytimes.com time to read: 1 min

Four zebras escaped from a trailer on a highway exit in Washington State on Sunday, leading dozens of residents, police officers and volunteers to join in an effort to corral them. Among them was a person with particular expertise in wrangling loose animals: David Danton, of Mount Vernon, Wash., who worked for nearly 15 years as a rodeo clown and rodeo bullfighter. He and his wife, Julie Danton, had been driving home from a cattle drive in eastern Washington when they stopped to help the police and neighbors capture the zebras in North Bend, Wash., about 30 miles east of Seattle. “It was kind of divine intervention — we happened to be in the exact spot and had the knowledge,” Ms. Danton said.

Persons: David Danton, Mount, Julie Danton, Ms, Danton Locations: Washington State, Mount Vernon, Wash, Washington, North Bend, Seattle

☆ Shari Redstone is playing M&A war games with removal of Paramount CEO Bob Bakish
▼ + stars: | 2024-04-29 | by ( Alex Sherman | ) www.cnbc.com time to read: +5 min

The decision to remove Bakish as CEO comes as Paramount Global closes in on a merger agreement with Skydance Media. A number of large common shareholders, including Gamco Investors, Ariel Investments, Matrix and Aspen Sky Trust have publicly criticized the deal, arguing it destroys value for common shareholders. Paramount Global shares jumped about 5% in premarket trading Monday. Typically, Paramount Global shareholders, such as Gabelli, would compare an offer to the standalone company's prospects — hence his comments about not seeing a sale at all. But by removing Bakish, Redstone and the Paramount Global board are now throwing the status quo into chaos.

Persons: Bob Bakish, CNBC's David Faber, Shari Redstone, David A, Skydance, Mario Gabelli, That's, —, Bakish Organizations: Paramount, CNBC, Paramount Global, Skydance Media, Gamco Investors, Ariel Investments, Aspen Sky Trust, National Amusements, Allen & Company Sun Valley, Grogan, Amusements, New York Post, Bloomberg, Street Journal, Skydance, Apollo Global, Sony, New York Times, Apollo, Foreign Investment, U.S, Communications, Charter Locations: Sun Valley , Idaho, U.S, United States

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