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Economy & Finance

Paramount

Paramount's stock dropped over 5% after billionaire Edgar Bronfman Jr. withdrew from a bid to purchase the company, solidifying Skydance Media as the likely new owner. The transaction, expected to close in the first half of 2025, will involve Skydance injecting $6 billion into Paramount, with $1.5 billion allocated to reduce its debt. The deal follows a challenging period for Paramount, including a significant write-down of its cable unit and plans to cut 15% of its U.S. workforce.

Technology

Sony

Sony has announced a price increase for its PlayStation 5 console, raising the price by 19% to 79,980 yen (approximately $553) due to economic challenges. This change takes effect on September 2. Despite the PS5 nearing its fourth year and a decline in unit sales, Sony's gaming division saw a rise in profit and revenue, driven by ongoing game and service purchases. Investors are anticipating a possible "Pro" version of the PS5 to boost sales. Additionally, Sony settled a legal dispute with Zee Entertainment over a failed $10 billion merger of their India units. Sony's shares rose 2.8% in Tokyo following the announcements.

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