By After the deal collapsed last month, the Skydance Media takeover of Paramount Global is back on the table. Paramount Global’s board of directors has agreed to some revised terms for the merger according to Bloomberg News.
As before, controlling shareholder Shari Redstone is key. The deal could be finalized early this week, as she has indicated her happiness with the new proposals. Under the terms of the Skydance offer, Redstone and her family will receive $1.75 billion. Redstone said:
“Given the changes in the industry, we want to fortify Paramount for the future while ensuring that content remains king. Our hope is that the Skydance transaction will enable Paramount’s continued success in this rapidly changing environment.”
This will mark the end of David Ellison’s months-long mission to take control of Paramount. Ellison, son of billionaire Oracle Corp. co-founder Larry Ellison – a key backer of the deal – will gain control of a media giant.
Skydance will acquire Redstone’s National Amusements Inc., the parent company that owns 80% of Paramount’s voting stock. The final figure for the deal will be $8.4 billion, and some of this funding will be used to pay down Paramount’s debt, according to reports in the L.A. Times.
U.S. federal regulators will be required to clear the deal.
Skydance would then obtain Paramount Pictures, CBS, Nickelodeon, and Paramount+ among others. It would also then have control over Star Trek as a franchise.
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