Media mogul and entrepreneur, Byron Allen, makes a $14B offer for Paramount Global. Other topics covered include Tesla CEO Elon Musk's voided pay package, Walmart's 3-for-1 stock split, and various stock updates and market/economic concerns.
Byron Allen offers $14.3B for Paramount Global, aiming to sell certain assets and retain TV channels.
Delaware judge invalidates Elon Musk's $55.8B pay package, criticizing the board's evaluation of the plan.
Deep dives
Paramount Global Receives $14 Billion Acquisition Offer
Paramount Global has experienced a surge in pre-market trading following media mogul Byron Allen's $14.3 billion bid for the company. The offer includes a 50% premium to recent trading for voting shares and $21.53 per share for non-voting shares. Allen aims to sell Paramount Film Studio, Real Estate, and certain intellectual property, while retaining TV channels such as Paramount Plus streaming service. His company, Allen Media Group, has secured financing for the deal, and believes that this $30 billion offer, including debt and equity, is the best solution for Paramount Global shareholders.
Elon Musk's $55.8 Billion Pay Package Voided by Judge
A Delaware judge has invalidated the $55.8 billion pay package awarded to Elon Musk by Tesla. The ruling, which came after a shareholder lawsuit, questioned whether the compensation committee and board were unduly influenced by Musk. The judge criticized the board for not effectively evaluating whether the pay plan was necessary for Tesla's goals. Musk responded to the ruling, advising others to avoid incorporating companies in Delaware. The pay package, featuring performance-based stock options, was initially praised as one of the most audacious pay plans in corporate history.
Byron Allen makes $14B offer for Paramount Global (PARA). (00:24) Tesla (TSLA) CEO Elon Musk's $55B pay package voided by judge. (01:40) Walmart (WMT) to implement a 3-for-1 stock split. (02:49)
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