Wall Street bankers, lawyers losing out on hundreds of millions after Paramount's scrapped Skydance merger: sources
What impact did the cancellation of the merger have on Paramount's market capitalization?
The cancellation of the merger between Paramount and Skydance Media had a significant impact on Paramount's market capitalization. Following the news that the merger was called off, Paramount's shares dropped by more than 8%. This led to the erosion of over $1 billion in market capitalization. The failed merger not only affected the company's financial outlook but also left Wall Street bankers and lawyers losing out on hundreds of millions of dollars in fees.
How much in fees were Wall Street bankers and law firms expected to earn from the Paramount-Skydance merger before it was scrapped?
The exact amount in fees that Wall Street bankers and law firms were expected to earn from the Paramount-Skydance merger before it was scrapped is not mentioned in the provided information. However, it is mentioned that they are losing out on hundreds of millions of dollars in fees due to the cancellation of the deal.
Can you list the financial institutions that were advising Skydance during the merger negotiations?
During the merger negotiations, Skydance was advised by three investment banks: Bank of America, Moelis & Co., and The Raine Group. Additionally, the law firm Latham & Watkins was advising Skydance on the complicated merger, which included Skydance both buying Redstone's holding company National Amusements and merging with Paramount.