Skydance and Paramount have a preliminary deal after failed attempt, shares surged 9%

From CNBC: 2024-07-02 19:49:00

Shari Redstone and David Ellison’s Skydance have a preliminary deal to merge with Paramount, after a failed attempt weeks earlier. National Amusements referred the deal to Paramount’s special committee for review. Paramount shares surged 9% on the news. Redstone will receive $1.75 billion with no other financial terms changing from previous reports.

Redstone killed the initial bid due to feeling Skydance retraded the deal. CEO Bob Bakish left earlier this year, leaving an office of the CEO in place. Other interested bids included Apollo and Sony, as well as Barry Diller’s recent entreaty. The preliminary agreement was first reported by The New York Times and the Wall Street Journal.



Read more at CNBC: Skydance Paramount deal for Redstone’s National Amusements revived