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Paramount and Skydance agree to terms of a merger deal
  + stars: | 2024-06-03 | by ( Lillian Rizzo | ) www.cnbc.com   time to read: +2 min
Paramount and Skydance have agreed to terms of a merger, CNBC's David Faber reported Monday. A Paramount special committee and the buying consortium — David Ellison's Skydance, backed by private equity firms RedBird Capital and KKR — agreed to the terms. The deal currently calls for Redstone to receive $2 billion for National Amusements, Faber reported Monday. Following the close of the deal, Skydance and RedBird would own two-thirds of Paramount, and the class B shareholders would own the remaining third of the company, Faber reported. The deal will not require a vote from the shareholders, which was part of the negotiations, Faber reported.
Persons: Skydance, CNBC's David Faber, — David Ellison's Skydance, KKR —, Shari Redstone, Faber, RedBird, Paramount's, Bob Bakish, George Cheeks, Chris McCarthy, Brian Robbins Organizations: Paramount, Columbia, , RedBird Capital, KKR, Amusements, Apollo Global Management, Sony Pictures, National Amusements, Wall Street, CNBC, Apollo, Sony, Redstone, CBS, Showtime, MTV Entertainment Studios, Paramount Media Networks, Paramount Pictures, Nickelodeon Locations: Hollywood , California
Tyson Foods — Shares of the food processing company fell more than 7% after Tyson's fiscal third-quarter report missed estimates on the top and bottom lines. Tyson generated 15 cents in adjusted earnings per share on $13.14 billion of revenue. Analysts surveyed by Refinitiv were expecting 26 cents per share on $13.59 billion of revenue. Sovos Brands — Shares of Rao's parent Sovos Brands' popped 25% in premarket trading after food giant Campbell Soup said Monday it would acquire the pasta sauce maker for $2.33 billion. Campbell will pay $23 per share for the company, which is 27.6% higher than the Sovos Brands' last closing price.
Persons: Tyson, Refinitiv, DaVita, Campbell Soup, Campbell, Wells, Warren Buffett's, BioNTech, it's, Nikola —, Viatris, , Fred Imbert, Samantha Subin, Yun Li, Tanaya Macheel, Jesse Pound Organizations: UBS, Brands, Campbell Soup, Berkshire Hathaway —, KKR —, KKR Locations: Covid
Vice Media headlined a group of seven major companies that filed for bankruptcy in a recent 48-hour period. Fast-forward to the present, when Vice — saddled with liabilities of up to $1 billion — has filed for bankruptcy. Still, an uptick in bankruptcy filings clearly demonstrates increasing economic stress. Retailers from Bed Bath & Beyond to David's Bridal have filed for bankruptcy in recent weeks. Envision Healthcare — a medical-staffing company backed by KKR — was one of the six firms to declare alongside Vice.
In other words, big money is buying up warehouse space as fast as smaller owners can sell. The coronavirus pandemic accelerated this change, with warehouse investment outpacing office investment in 2020 and 2021, according to CBRE. A Prologis warehouse in Ichikawa City, Japan. Prologis, Blackstone, and the rest of big money duke it outOther big-money investors have increasingly invested in warehouses. The UK's Segro once sold warehouse space to Blackstone — now it's acquiring its own warehouses for last-mile delivery that Blackstone might have otherwise picked up for itself.
Bain Capital, Blackstone, and KKR are among the largest private-equity firms in the world. Private-equity employees often make six-figure salaries, even at the entry level. These private-equity firms, along with others, are accelerating their recruiting timelines to get ahead of their competitors, Insider previously reported. To woo promising junior talent, many private-equity firms are offering high salaries. Additionally, some private-equity employees earn carried interest, which is compensation based off a certain percent of a private-equity fund's earnings that is collected after the minimum return is met.
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