Paramount Global (NASDAQ: PARA) is gaining momentum during the morning trading session today, experiencing a notable uptick. At the latest check, Paramount Global’s stock has surged by 6.99%, reaching $15.38. This increase is attributed to recent reports indicating ongoing discussions between Paramount Global and Apple regarding a strategic collaboration.
Reportedly, Paramount Global and Apple Inc are exploring the possibility of bundling their respective streaming services at a discounted rate. The discussions revolve around the potential introduction of a combined offering, merging Paramount+ and Apple TV+, which would be economically advantageous compared to subscribing to both services independently. Sources familiar with the matter revealed that talks between the two streaming giants are in preliminary stages, and the precise nature of the bundled offering remains uncertain.
In a recent development, Paramount Global has disclosed the pricing terms for its previously announced cash tender offers related to the Maximum Offer Securities. This offer encompasses the acquisition of up to $540,922,623.28 aggregate purchase price of the Company’s 4.00% Senior Notes due 2026, as well as PARA’s 2.90% Senior Notes due 2027 and 3.375% Senior Notes due 2028, duly tendered and accepted for purchase. The Maximum Offer is accessible to all registered holders of the Maximum Offer Securities and is subject to proration and order of priority as outlined in the Offer to Purchase dated November 2, 2023.
The applicable Total Consideration for each series of Maximum Offer Securities, validly tendered and accepted for purchase pursuant to the Maximum Offer, was determined by referencing the fixed spread over the yield to maturity based on the bid side price of the relevant Reference U.S. Treasury Security. The settlement date for Maximum Offer Securities validly tendered and not withdrawn on or before the Early Tender Deadline and accepted for purchase was anticipated to be November 21, 2023, marking the third business day after the Early Tender Deadline.
