Matt Levine, Columnist

A Paramount Merger Will Be Tricky

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April 29, 2024 at 6:27 PM UTC

By Matt Levine

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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The economics of a Paramount Global acquisition are simple but tricky:

Assume that you are willing to pay $12 billion of total equity value for the company, and that you will be compelled by competitive pressures to pay that amount. Two possible answers suggest themselves: