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Paramount Global is preparing to cut 469 jobs in its Midtown Manhattan location, a move that could significantly impact SL Green Realty, the real estate investment trust that owns the building at 1515 Broadway where the majority of these layoffs will occur. This development comes amidst a complex sale process involving Paramount Pictures, CBS, and MTV, with Skydance Media offering to merge with Paramount Global in a deal valuing Skydance at $4.75 billion. Paramount Global, which holds assets like CBS and NFL rights, is currently trading at $7.7 billion, raising questions about the comparative valuations of the two companies.
The competing offer for the home of Paramount Pictures, the CBS broadcast network and MTV is a fresh twist in a sale process marked by a number of unexpected turns. https://t.co/QEBAKIIAcl
I have a dumb m&a question: @Skydance offered to merge with @paramountco where Skydance would be worth $4.75B Paramount is trading at $7.7B So a biz w/ @CBS, NFL rights, and @ParamountPics, is worth less than a film prod co? Am I missing something? https://t.co/PhZKS8IgS2
#Paramount (the #media co, not the REIT) to slice 469 jobs in #Midtown, bad news for #SLGreen (w/IS a #REIT) bc bulk of them coming from its #1515Broadway. #realestate #CRE #CBS #Viacom #NYC #Skydance $SLG $PARA https://t.co/j03IG1JEqJ via @CrainsNewYork
