Paramount Skydance Corp. (NASDAQ:PSKY) is one of the 10 Stocks With Effortless Gains.
Paramount Skydance soared for a 6th straight day on Tuesday, climbing 10.66 percent to close at $10.90 apiece, as investors gobbled up shares following news that it earned the backing of three Middle Eastern funds for its $110-billion acquisition of Warner Bros Discovery.
A report by the Wall Street Journal, citing people privy to the matter, said that Paramount Skydance Corp. (NASDAQ:PSKY) inked equity commitments amounting to $24 billion from three sovereign wealth funds led by Saudi Arabia to help back its takeover of Warner Bros.
Photo by Ketut Subiyanto on Pexels
Of the total, Saudi Arabia’s Public Investment Fund pledged $10 billion, with the support of Qatar Investment Authority and Abu Dhabi’s L’imad Holding.
Apart from the Persian Gulf-based investment firms, Paramount Skydance Corp. (NASDAQ:PSKY) also secured a $45.7 billion backing from billionaire Larry Ellison and his trust, as well as RedBird Capital Partners, which agreed to invest $250 million.
Paramount Skydance Corp. (NASDAQ:PSKY) expects to close the acquisition in the third quarter of the year.
In the event that the transaction is not closed by September 30, Paramount Skydance Corp. (NASDAQ:PSKY) would pay each WBD shareholder a $0.25 per share of what it called a “ticking fee” for each quarter until the successful closing of the transaction.
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