The news sent Paramount shares up 9 per cent in after-hours trading
The sale is envisioned as the first part of a two-phase transaction, in which the smaller independent studio Skydance would merge with Paramount. Photo: Bloomberg
Shari Redstone’s National Amusements has reached a preliminary deal to sell its controlling interest in Paramount Global to David Ellison’s Skydance Media, three sources familiar with the matter told Reuters on Tuesday.
The news sent Paramount shares up 9 per cent in after-hours trading.
Click here to connect with us on WhatsApp Under the tentative agreement, Skydance would pay $1.75 billion for National Amusements, which owns 77 per cent of the voting shares of Paramount. 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 on Tuesday.
Others who have expressed interest in acquiring National Amusements include film producer Steven Paul, Seagram heir Edgar Bronfman Jr. and IAC’s Barry Diller.
One source with ties to a potential bidder said 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.
