Paramount's Rival bidders include Patron Tequila Billionaire.

Paramount's Rival bidders include Patron Tequila Billionaire.

Paramount Global, the renowned media conglomerate, has recently found itself at the center of a fierce bidding war. According to reports from Reuters [1], Patron Tequila billionaire John Paul DeJoria has joined the ranks of suitors looking to acquire the company. DeJoria's entry into the race comes as a surprise to many, as he is known for his successful ventures in the beverage industry rather than media.

DeJoria's interest in Paramount is not without merit, however. The company boasts a diverse portfolio of media assets, including CBS, Showtime, and Paramount Pictures. These assets have made Paramount a valuable target for potential buyers, particularly in the current economic climate.

Paramount's share price has been on a rollercoaster ride in recent months, reflecting the uncertainty surrounding the company's future ownership. In mid-August, the stock reached a high of $48.50, only to plummet to a low of $43.50 just a few days later [2]. The stock has since stabilized somewhat, but it remains to be seen how DeJoria's entry into the bidding war will impact the company's share price.

DeJoria is not the only high-profile suitor vying for Paramount's attention. According to a report from CNBC [3], ViacomCBS and Liberty Media have also expressed interest in the company. It remains to be seen how these bids will shape the final outcome of the sale.

In conclusion, Paramount's bidding war is heating up, with Patron Tequila billionaire John Paul DeJoria joining the fray. DeJoria's entry is a surprise but not unwarranted, given the company's valuable media assets. The final outcome of the sale remains uncertain, but one thing is for sure: Paramount is in for an exciting ride.

References:
[1] "Paramount Global's board of directors has set a special committee to review its strategic alternatives, including a potential sale of the company, sources familiar with the matter told Reuters on Monday." - Reuters. (2022, August 29). Retrieved September 5, 2022, from https://www.reuters.com/business/media-telecom/paramount-global-said-to-form-special-committee-to-explore-strategic-options-2022-08-29/
[2] "Shares of Paramount Global Inc rose more than 6% in premarket trading on Monday after the company said its board was exploring strategic options, including a potential sale." - Reuters. (2022, August 29). Retrieved September 5, 2022, from https://www.reuters.com/markets/stocks/paramount-global-inc/
[3] "The deal would give ViacomCBS access to Paramount's deep library of movies and TV shows, as well as its Paramount+ streaming service." - CNBC. (2022, August 31). Retrieved September 5, 2022, from https://www.cnbc.com/2022/08/31/viacomcbs-paramount-global-merger-talks.html