Controlling shareholder Shari Redstone hasn't consented to the deal. Competing offers have come in for National Amusements, but Redstone has long favored Ellison.
David Ellison's Skydance Media is close to clearing a major hurdle in its pursuit of Paramount Global. The media giant's committee of independent board members has signaled its approval for Ellison's takeover of the storied company, according to three people familiar with the situation who were not authorized to comment. Formal approval by Paramount's special committee could come as early as Monday, one of the knowledgeable people said.
To win the approval of the special committee, Skydance, joined in its bid by RedBird Capital Partners and private equity firm KKR, last week proposed setting aside funds to buy out certain non-voting B-class stockholders at $15 a share during a second phase of the transaction. The parties worked over the weekend to hammer out such provisions. Paramount shares rose 7% to $12.71 in midday trading.
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