The Daily Chase: Markets OK with French election stalemate

Here are five things you need to know this morning.

French election looking like the status quo: The votes have been counted in the second round of the French election and the results seem to be tending toward a stalemate, where parties on either extreme are unlikely to seize power. That seems to be the result that markets were hoping for, as the most likely outcome seems to be for centrist leader Emmanuel Macron to remain in charge in a coalition with leftist parties.

Paramount agrees to takeover from Skydance, ending Redstone era: Media conglomerate Paramount Global has agreed to a merger with Skydance Media in a deal that ends the Redstone Family’s decades of control over one of the most iconic Hollywood production studios. Paramount chair Shari Redstone, the granddaughter of the founder of the Hollywood empire that owns CBS, MTV and numerous other media production assets, has agreed to sell her family’s controlling interest in Paramount for US$2.4 billion. The move to sell to Skydance will give the company a cash injection that could hopefully be enough to turn its fortunes around. Paramount has more than $14 billion worth of debt on its books, a load that is making it harder for the company to stay nimble in a fast-changing industry. Paramount shares are up seven per cent in premarket trading.

CEO of TSX-listed DRI Healthcare Trust resigns: Shares of TSX-listed drug royalty company DRI Healthcare Trust will be one to watch today after the company’s board demanded that the CEO resign following “irregularities” related to consulting fees and other expenses submitted for reimbursement. Behzad Khosrowshahi has resigned from his position of CEO effective immediately and has been replaced on an interim basis by Ali Hedayat. CFO Chris Anastasopoulos has also been suspended with pay effective immediately. Sandy Kwan has been named interim CFO.