Paramount Global is hammering out the last details of an agreement to be purchased by Skydance Media in an $8 billion deal, according to multiple reports.
FOX Business’ Charlies Gasparino reported last week that Skydance and its backers were said to be in the final stages of negotiating the purchase of Paramount, and that a deal could be finalized in two weeks.
Over the weekend, The Wall Street Journal reported that Skydance had sweetened its offer in a revised proposal to buy National Amusements from Shari Redstone, and merge with Paramount.
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Then on Monday, CNBC reported that the terms have been decided and could be announced in the coming days. According to the outlet, the total deal is valued at $8 billion, with Redstone receiving $2 billion for National Amusements.
The reports of a deal come after Sony Pictures and private equity firm Apollo Global Management offered to buy Paramount in an all-cash deal, but sources told Gasparino that Paramount had become increasingly concerned that that proposal “would not pass regulatory muster.”
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Paramount is currently being led by a newly established Office of the CEO led by a trio of three senior executives, who replaced former Chief Executive Bob Bakish upon his departure in late April.
Sources told FOX Business at the time that Bakish clashed with Redstone, the non-executive chair, over the terms of the deal, which were reportedly unfavorable to common shareholders.
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Redstone’s father, Sumner Redstone, built the company’s media empire, which began as National Amusements in Massachusetts, and made his family billionaires. He was also considered one of the most influential media titans of his time.
FOX Business’ Charles Gasparino contributed to this report.
Original article source: Paramount, Skydance near $8B deal: reports
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