Communications services shares were broadly lower as shares of large capitalization bellwether companies pulled back.
Skydance Media has submitted a sweetened offer for a merger with Paramount Global that Paramount's directors are expected to review shortly, according to people familiar with the situation. The exact terms of the revised offer couldn't be learned, but it is more favorable to both Paramount's voting and nonvoting shareholders, the people said. An earlier offer by Skydance spawned a shareholder fury because it was seen as more beneficial to controlling shareholder Shari Redstone than other stakeholders.
Trian Partners' Nelson Peltz has sold his entire stake in Walt Disney. Peltz sold the stock around $120 a share. Disney shares closed down 1.5%. The stock has traded in the $100 range for several weeks and last closed around $120 in early April, about the time of Disney's annual shareholder meeting. Peltz lost his fight for board seats at Disney with that meeting.
Write to Patrick Sullivan at patrick.sullivan@wsj.com
(END) Dow Jones Newswires
05-30-24 1756ET
