The news directly impacts Paramount Global as it suggests financial maneuvers that could dilute existing shareholders' equity. This is typically viewed negatively by the market, as it can reduce the value of current shares and imply that the company may not have enough internal funds to support its operations or growth strategies. The direct mention of the need for new equity in relation to the Ellison-led bid makes this news highly relevant and important for investors, leading to a negative short-term price direction.