Skydance is likely to walk away from its Paramount offer unless controlling shareholder Shari Redstone reaffirms her commitment following the Apollo-Sony bid.
The Skydance consortium is prepared to walk away from its bid for Paramount if it doesn't hear from controlling shareholder Shari Redstone after the latest Apollo-Sony offer, according to a person familiar with the matter.
Apollo and Sony sent a letter to Paramount's board on Thursday expressing interest in buying the company for about $26 billion, CNBC previously reported.Shari Redstone, chair of Paramount Global, attends the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, on Tuesday, July 11, 2023.
The consortium has been waiting for word from Paramount's special committee on whether the panel will recommend its bid to acquire the company to Redstone. Now, with Apollo and Sony formally expressing interest in acquiring the company for about $26 billion, the Skydance group is looking for Redstone to reaffirm her commitment to the deal.
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