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Jon Lafayette

Paramount Agrees To Merger Terms With Skydance, Private Equity: Report

A cyclist passes by signage outside the Paramount lot in Los Angeles. .

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

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