Communications services companies rose amid deal activity.
Shares of Paramount Global surged after reports that Oracle founder Larry Ellison’s son was considering mounting a bid for the Hollywood studio and television production giant.
David Ellison, chief executive of diversified media company Skydance, and investment group RedBird Capital are eyeing taking control of the company.
Elon Musk escalated his war of words with Disney Chief Executive Bob Iger this week, saying in messages on X that Iger “thinks it’s cool to advertise next to child exploitation material” and calling for the executive to be fired after the influential Hollywood company reduced advertising on the platform formally known as Twitter.
Disney remained under siege from activist shareholders, meanwhile, with investment firm Ancora Holdings issuing a letter of support for Nelson Peltz’s Trian Fund Management, which is angling for representation on Disney’s board in a shareholder vote.
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