Paramount Global and its controlling shareholder, the Redstone family’s National Amusements, reportedly have agreed to terms of a deal that would combine Paramount with Skydance Media, which is backed by private equity.
According to CNBC, Shari Redstone would receive $2 billion for National Amusements, which has 77% of the voting power over Paramount.
The deal also puts some cash in the pockets of other Paramount stockholders, with Skydance paying $15 a share for about half of the outstanding class-B Paramount shares.
Skydance and private-equity company RedBird Capital will also put $1.5 billion in cash into Paramount, reducing its debt.
According to CNBC, the deal leaves Skydance and RedBird owning two-thirds of Paramount, with class-B shareholders owning the remaining third.
Paramount holds its annual meeting of shareholders on Tuesday.
Redstone has favored a deal with Skydance, run by David Ellison, son of billionaire Oracle founder Larry Ellison.
Other bidders have made offers for Paramount, including Sony Pictures Entertainment, working with Apollo Global Management.
Source Agencies
