Wall Street bankers and white-shoe law firms are losing out on hundreds of millions of dollars in fees after Shari Redstone this week made a last-minute decision to scrap plans to merge Paramount with Skydance Media, sources close to the talks said.on a deal to sell Paramount Global parent National Amusements to Skydance — even as a special committee of the media giant’s board was expected to meet to vote on a Paramount merger proposal.
Paramount shares have tanked more than 8% since news broke that the merger was called off, erasing more than $1 billion in market capitalization.Neuralink employee was scratched by monkeys infected with herpes and fired after she became pregnant, suit claims Meanwhile, law firm Latham & Watkins, whose mergers advisory practice is led by global chair Justin Hamill, had as many as one hundred attorneys advising Skydance on the complicated merger, which included Skydance both buying Redstone’s holding company National Amusements and merging with Paramount, sources said.Latham Lawyer Justin Hamill led a team of as many as 100 attorneys working for Skydance hoping for a merger.
Bob Bakish, who ran Paramount during much of the sales process, was also working on possible deals for the company outside of a sale with the help of investment bank LionTree, led by prolific dealmaker Aryeh Bourkoff.Law firms and banks advising Redstone’s National Amusements holding company and the Paramount Special Committee will keep their fees as they are not paid based on securing a deal.
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