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NSR Policy: Will the Paramount Deal Suffer the Same Fate as Tegna?

Paramount just announced that it has accepted a bid from Skydance which will result in the combination of Paramount’s assets (the Paramount film studio, the CBS broadcast network, numerous cable networks such as MTV and Nickelodeon) with Skydance’s independent studio. The Skydance bid was also back by a consortium of investors including RedBird Capital and KKR. Based on what we have read, we believe the transaction likely involves a transfer of control of broadcast licenses, so FCC approval is required. Given what happened to the last big deal involving broadcast assets—the FCC’s rejection of Standard General’s effort to acquire Tegna—investors want to know if we are going to see a script with a different ending or a problematic sequel.
Provider
New Street Research
New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

  • Pan European Telecom Services and Cable
  • US Telecoms, Cable, Satellite and Towers
  • Global Emerging Market Telecoms
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  • Asian Internet
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  • Pan European Telecom Services and Cable


Analysts
Blair Levin

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