Skydance would pay $1.75 billion for National Amusements, which owns 77% of the voting shares of Paramount, as per the tentative agreement, three sources familiar with the matter told Reuters on Tuesday.The deal includes a 45-day “go-shop” period, in which other bidders could submit offers, according to the Wall Street Journal, which first reported the news.
Shari Redstone reaches preliminary deal to sell controlling stake in Paramount to Skydance Media for $1.75B One source with ties to a potential bidder told Reuters it was unlikely the others would abandon their efforts, in part because they may put forth bids that are more lucrative for Paramount shareholders or Redstone personally.
National Amusements is not mandating that the Paramount merger be approved by a majority of non-Redstone shareholders, a previous sticking point, the Wall Street Journal said.The sale is envisioned as the first part of a two-phase transaction, in which the smaller independent studio Skydance would merge with Paramount, home of the namesake film studio, CBS and cable networks such as MTV and Nickelodeon.