🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

Shari Redstone halts Skydance Media-Paramount Global merger talks - WSJ

Published 06/12/2024, 04:10 AM

Investing.com - After more than six months of intermittent discussions, Shari Redstone has ceased negotiations with David Ellison's Skydance Media regarding a potential merger with Paramount Global (NASDAQ:PARA), according to a Wall Street Journal report.

Redstone, who controls Paramount Global via National Amusements Inc., is now reportedly focusing on deals with parties interested in acquiring National Amusements Inc.

Representatives for Skydance Media declined to comment, and a spokesperson for National Amusements Inc. did not respond to a request for comment.

Redstone, the daughter of the late media tycoon Sumner Redstone, and Ellison, the son of Oracle (NYSE:ORCL) founder Larry Ellison, ultimately failed to agree on the terms of a complex deal that would have handed control of Paramount Global to Skydance and its private-equity partners, RedBird Capital Partners and KKR.

Skydance's final offer, which was approved by a special committee at Paramount Global established to assess M&A proposals earlier this month, was presented to Redstone for consideration last weekend. Under the proposed terms, the Skydance consortium would have paid Redstone approximately $2 billion for National Amusements Inc. Also, current Paramount Class B shareholders (who do not possess voting rights) would have been given the option to sell nearly half their shares at $15 per share.

Furthermore, the Skydance group would have contributed $1.5 billion in cash to help reduce Paramount's debt. After the merger of Paramount Global and Skydance, the Skydance consortium would have owned around two-thirds of the shares in Paramount as a public company.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.