In a surprise reversal, Shari Redstone’s National Amusements (NAI) and David Ellison’s Skydance Media have not only re-engaged in talks this week over ownership of Paramount Global, but have already reached a preliminary deal.
The New York Times, The Wall Street Journal and Reuters all report that the under the tentative agreement, Skydance would pay $1.75 billion for National Amusements, which owns 77% of the voting shares of Paramount.
The deal also includes a 45-day period in which other bidders could submit offers. It hs now been referred to the special committee of Paramount Global’s board of directors for review.
Redstone walked away from a $6 billion transaction deal in June that would’ve effectively merged the studio with the multimedia production company that has co-financed many hits for them.
Skydance and investment firms RedBird Capital and KKR reportedly had an agreement on the table at the time in which they would take over Redstone’s National Amusements that controls Paramount, and merge the company with Skydance.
After an exclusive window for talks and multiple revisions on the offers, word hit back on June 11th both parties had not been able to reach mutually acceptable terms.
The company appeared to lose favor in the time simce on Wall Street and is aiming to stem losses for its flagship streamer Paramount+ which has 71 million subscribers.
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