Shares of Paramount Global jumped 6.5% on Wednesday after reports said Shari Redstone’s National Amusements had reached a preliminary deal to sell its controlling interest in the storied medi…
Skydance would pay $1.75 billion for National Amusements, which owns 77% of the voting shares of Paramount , as per the tentative agreement, three sources familiar with the matter told Reuters on Tuesday.The deal includes a 45-day “go-shop” period, in which other bidders could submit offers, according to the Wall Street Journal, which first reported the news.
Shari Redstone reaches preliminary deal to sell controlling stake in Paramount to Skydance Media for $1.75B One source with ties to a potential bidder told Reuters it was unlikely the others would abandon their efforts, in part because they may put forth bids that are more lucrative for Paramount shareholders or Redstone personally.
National Amusements is not mandating that the Paramount merger be approved by a majority of non-Redstone shareholders, a previous sticking point, the Wall Street Journal said.The sale is envisioned as the first part of a two-phase transaction, in which the smaller independent studio Skydance would merge with Paramount, home of the namesake film studio, CBS and cable networks such as MTV and Nickelodeon.
Cbs Paramount Paramount Pictures Shari Redstone
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Skydance talks for Paramount near finish line, but Redstone family decision loomsShari Redstone and her children must decide whether to accept a deal that provides family members with $1.7 billion.
Read more »
Paramount Global Owner Shari Redstone Calls Off Skydance Media MergerSource of breaking news and analysis, insightful commentary and original reporting, curated and written specifically for the new generation of independent and conservative thinkers.
Read more »
Why Shari Redstone went cold on a Paramount sale to SkydanceThe mogul's stunning eleventh-hour reversal came after a financial deal had been reached with David Ellison's Skydance Media. For now, the storied media company will attempt to go it alone.
Read more »
Paramount shares pop 9% on news of preliminary Skydance Media dealCNBC's Julia Boorstin joins 'The Exchange' to report Paramount as the stock of the legacy media is trading higher after news of its streaming arm's potential merger talks.
Read more »
Skydance, National Amusements Reach Tentative Paramount Global DealThe on-again, off-again dance between David Ellison's Skydance Media, Gerry Cardinale's RedBird Capital, and Shari Redstone's National Amusements Inc.
Read more »
Skydance reaches tentative deal to acquire controlling stake in ParamountSkydance Media, which co-produced Mission: Impossible films and “Top Gun: Maverick,” has agreed to a preliminary deal, a person familiar with the matter said.
Read more »