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Skydance to Offer $23 a Share for Paramount Voting Stock

In Business
June 04, 2024

(Bloomberg) — Skydance Media plans to offer $23 a share to investors in Paramount Global’s voting stock as part of its plan to merge with the film and TV giant, according to people with knowledge of the matter.

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The bid would be made to investors other than members of the Redstone family, which holds most of the voting stock, said the people, who asked not to be identified discussing terms that haven’t been made public.

Skydance, an independent film and TV company led by tech scion David Ellison, is working through negotiations to merge with Paramount. The discussions involve buying the Redstone family holding company National Amusements Inc., making an offer to Paramount’s nonvoting shares and investing billions of dollars into the company.

National Amusements said in a statement Monday it received the financial terms of Skydance’s Paramount proposal over the weekend and is reviewing them.

Shari Redstone, Paramount’s chair, is expected to speak at the company’s annual meeting on Tuesday.

Class A shares of Paramount, which owns CBS and MTV, among other properties, were up 6.9% to $22.11 as of 3:10 p.m. in New York.

(Updates with National Amusements’ statement in fourth paragraph.)

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