Skydance Media’s deal to acquire theatre operator National Amusements, with its controlling interest in Paramount Global, could be finalized by Monday, sources familiar with the deal process said.
Skydance Media, an independent media company with interests in films, animation, television, video games and sports, has offered to pay $1.75 billion for National Amusements, the holding company that owns about 77% of the voting shares of Paramount. The preliminary deal was referred on Tuesday to a special committee of Paramount’s board, which is reviewing the offer.
Skydance and National Amusements agreed to a 45-day go-shop period that would open the door to other interested bidders, said one source familiar with the deal terms. Skydance CEO David Ellison, the son of Oracle co-founder Larry Ellison, has spent months in pursuit of Paramount, a combination initially embraced by Redstone, daughter of late media tycoon Sumner Redstone, multiple sources said. She nixed the deal in early June after Skydance adjusted its offer to provide more money for other shareholders.