Paramount, Skydance Agree on New M&A Deal Terms but Shari Redstone Hasn’t Approved Pact Yet
variety.comTodd Spangler NY Digital Editor Paramount Global‘s months-long M&A drama may soon be coming to a conclusion. The special committee established by Paramount Global’s board of directors to evaluate M&A proposals has reached an agreement with David Ellison’s Skydance Media and his private-equity backers on the terms of a complicated deal that would merge Skydance and Paramount while keeping Paramount publicly traded, Variety has confirmed.
Skydance and its partners, RedBird Capital and KKR, sweetened the original buyout offer to make it more attractive to nonvoting shareholders of Paramount Global.
Now, the deal awaits approval by Shari Redstone, non-executive chair of Paramount Global, whose National Amusements Inc. owns 77% of the voting shares in Paramount Global.
Redstone has not officially decided whether or not to go forward on the deal, sources said — and the terms of the Skydance-NAI part of the agreement have yet to be worked out.
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