Paramount's prized assets are up for sale

Multiple bidders want to buy Paramount Global’s sprawling media assets

4/22/24 12:22PM

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Paramount Global's stock soared 13% on Friday, following reports that Sony was considering joining Apollo's bid to purchase the historic film and TV studio. The news comes after a previous $26 billion Apollo offer was rejected by Paramount's board.

Currently, the Sony-Apollo partnership is unable to get back in the picture with Paramount, as the studio is in exclusive merger talks with Skydance Media — a deal that, for the most part, shareholders don’t love.

One of the most storied brands in entertainment — having produced cinematic hits such as The Godfather, Titanic, Forrest Gump, and both Top Gun films — Paramount has a complicated history of owners... and an equally complicated modern corporate structure. Despite owning less than 10% of the company, 77% of the voting rights are controlled by the Redstone family through a holding entity called National Amusements.

Today, Paramount is a sprawling collection of assets. Its main moneymaker is the TV Media division, centered around CBS’s long tail of channels, which makes revenue from affiliate deals, advertising, and licensing content. The streaming business, Paramount+, has made a big splash in the crowded direct-to-consumer segment… but it’s also racking up big losses, and contributing less than a quarter to its total revenue.

This is just the latest chapter in the Paramount sale saga — a Warner Bros. merger that was on the cards late last year eventually fell apart, leaving the company somewhat rudderless until the latest round of M&A rumors started. Paramount shares are down 16% since the start of the year.

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American Airlines joins the flock, hiking bag fees amid higher jet fuel prices

American Airlines on Thursday announced that it, too, will be hiking the fees it charges customers to check luggage.

With the move, all four of the major US airlines, which together control about 80% of the US market, have now hiked their baggage fees in recent days amid surging jet fuel prices.

The change will go into effect on tickets bought on or after Thursday, the same day Southwest’s hike begins.

Since late March, JetBlue, Delta Air Lines, United Airlines, Canada’s WestJet, and Southwest have hiked their fees. Experts expect more major carriers to follow, and to potentially tweak the pricing of other ancillary revenue sources like seat assignments and carry-on luggage.

American Airlines updates bag fees and Basic Economy fares

The change will go into effect on tickets bought on or after Thursday, the same day Southwest’s hike begins.

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Less than a year after implementing them, Southwest is also hiking its bag fees

Southwest Airlines has joined the growing list of airlines opting to hike their bag fees amid sustained higher jet fuel costs.

Starting today, the first checked bag at the carrier — which implemented bag fees less than a year ago — will jump from $35 to $45, and the second from $45 to $55. Southwest quietly disclosed the change Tuesday.

Southwest assigned the decision to “part of an ongoing analysis of the business and against the evolving global backdrop.”

As of Wednesday, jet fuel prices dropped to $4.16 a gallon, per the Argus US Jet Fuel Index, down from $4.81 on Tuesday following President Trump’s ceasefire announcement, which sent travel stocks soaring. Major airlines have shed some of those gains in premarket trading Thursday.

With the move to hike bag fees, Southwest joins JetBlue, United Airlines, Delta Air Lines, and Canada’s WestJet, all of which also boosted fees this month. Experts expect more major carriers to follow, and to potentially tweak the pricing of other ancillary revenue sources like seat assignments and carry-on luggage.