Paramount-Skydance talks take turn as rival bidders press their case
-Paramount Global Chair Shari Redstone is unhappy with Skydance Media's reduced offer for the family's controlling stake in the company, opening the door for rival bidders to make their case, two sources familiar with the matter told Reuters on Wednesday.
Redstone was displeased with that revaluation, according to the two sources - creating an opportunity for others interested in buying National Amusements. Among them, Hollywood producer Steven Paul began lobbying the Redstone family to consider his offers over a sale to Skydance, one of the sources said. Though one of the sources added that Redstone would always have always been obliged to consider all offers for National Amusements.Spokespeople for Skydance and Redstone declined to comment.
The new Paramount triumvirate - CBS President and CEO George Cheeks; Chris McCarthy, president and CEO of Showtime/MTV Entertainment Studios; and Paramount Pictures President and CEO Brian Robbins - have led the company since the exit of former boss Bob Bakish in April, who left amid growing tensions with Shari Redstone, Paramount's controlling shareholder.
Paramount has shed about $18 billion in market value since December 2019, when Redstone reunited two halves of the family's media empire, CBS and Viacom. Under the terms of the latest offer from Skydance, Paramount would acquire the independent studio in an all-stock transaction valued at $4.75 billion, according to one person familiar with the negotiations.
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