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Shari Redstone, Paramount End Merger Talks With Skydance As Two Sides “Not Able To Reach Mutually Acceptable Terms”

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deadline.com

After months of negotiations, Paramount‘s controlling shareholder Shari Redstone has broken off merger talks with David Ellison‘s Skydance.

National Amusements has “not been able to reach mutually acceptable terms regarding the potential transaction with Skydance Media for the acquisition of a controlling stake in NAI,” said the Redstone family trust that controls Paramount.  “NAI is grateful to Skydance for their months of work in pursuing this potential transaction and looks forward to the ongoing, successful production collaboration between Paramount and Skydance. “NAI supports the recently announced strategic plan being executed by Paramount’s Office of the CEO as well as their ongoing work and that of the Company’s Board of Directors to continue to explore opportunities to drive value creation for all Paramount shareholders.” The two sides have been deep in discussions during and after a one-month exclusive negotiating period in April and Redstone at one point had favored the deal, which would have paid her a premium, and kept the businesses together, at least initially.

The transaction was for Skydance to acquire Redstone’s family holding company NAI, which controls Paramount, and then see Par and Skydance merge.

As of this weekend talks were intense but there were a few major sticking points, one said to be over which party party would assume legal liabilities in the case of shareholders lawsuits.

Read more on deadline.com
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