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This article covers a developing story. Continue to check back with us as we will be adding more information as it becomes available. The Big Picture The Paramount merger saga finally appears to be drawing to a close with Skydance Media ultimately winning out.
Per The Wall Street Journal, Shari Redstone's National Amusements, the parent company of Paramount Global, has reached a preliminary agreement with David Ellison's banner to merge following a payment of $1.75 billion acquisition payment from Skydance. The deal will now be reviewed by the Paramount board’s special committee before being finalized, though a 45-day go-shop provision built into the agreement will allow other bidders to potentially jump in and offer a better deal. This deal marks the latest twist in Redstone's attempts to sell, which became especially notable back in December when Paramount was initially in talks with Warner Bros. Discovery and David Zaslav regarding a potential merger. Skydance eventually emerged as a contender to snap up the entertainment giant, but talks fell through around mid-June in a shock to many in the industry at the time. While financials were never an issue regarding the two-step plan with Ellison, other hang-ups, like National Amusements' insistence on a consent vote from all shareholders, were a bridge too far for Skydance in the end. However, this new deal appears to solve those problems, paving the way for the media company to now own a controlling share of Paramount Global once all is said and done.
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