Tech scion David Ellison moved one step closer to gaining control of Paramount Global, with a special committee voting Sunday to support a merger with his Skydance Media, a source close to the deal told Reuters. The final deal could be announced as soon as Monday. The deal comes weeks after Redstone abruptly called off negotiations with Skydance on June 11. The vote comes on the heels of a preliminary agreement reached last week to sell National Amusements, which holds a controlling stake in Paramount, to E ...

David Ellison's Skydance Media has gained a key approval vote for the company's proposed acquisition of Paramount Global controlling shareholder National Amusements Inc. after seven months of talks. Reps from NAI, Paramount and Skydance did not immediately respond to Deadline's request for comment. Less than a month ago, it seemed that any hope of the parties reaching a deal had evaporated. Redstone pulled out of a planned deal at the 11th hour over concerns regarding her net proceeds and exposure to shareh ...

The media heiress reached a preliminary agreement to sell her controlling stake in Paramount Global to Skydance Media – just weeks after she walked away from a deal between the two sides, according to multiple reports Tuesday. 5 The media heiress reached a preliminary agreement to sell her controlling stake in Paramount Global to Skydance Media. REUTERS Skydance will pay $1.75 billion for National Amusements as part of the deal, according to the Wall Street Journal, which reported the news earlier on Tuesda ...

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In a stunning reversal, David Ellison's Skydance Media and Paramount Global controlling shareholder Shari Redstone have returned to the M&A altar. The WSJ reported that Skydance and National Amusements also have agreed to a 45-day "go-shop period," during which other interested Paramount bidders can make offers. Skydance has been pursuing a deal for more than six months. In more recent weeks, investment groups led by Edgar Bronfman, Barry Diller and producer Steven Paul have emerged as interested parties. P ...

Paramount shares surged 9% in after-hours trading Tuesday after reports emerged that David Ellison's Skydance had reached a preliminary deal to acquire the media company's controlling shareholder, National Amusements, and thus control of Paramount. National Amusements, the Redstone family's holding company, has referred the deal to the Paramount special committee, which is tasked with reviewing bids for the company, the Journal reported citing people familiar with the matter. Other interested bids included ...

He remained the CEO until 2006. With Post Wires Shari Redstone has gone back to the drawing board to sell a piece of struggling media giant Paramount Global. The Post has sought comment from Paramount and BET. 6 Last month, Shari Redstone, controlling shareholder of Paramount parent company National Amusements, pulled out of a proposed merger with Skydance. REUTERS The company reportedly entered exclusive talks to sell Black Entertainment Television network to a group of buyers headed by BET CEO Scott Mills ...

Paramount Global stock jumped 6% on the latest report it has resumed talking to potential buyers of select assets after pausing the divestments during ultimately fruitless merger talks with Skydance Media. A group of investors is holding exclusive talks with Paramount about a bid of $1.6 billion for BET Media Group, Bloomberg reported Tuesday. Among the cadre of potential buyers are BET CEO Scott Mills and Chinh Chu, the former Blackstone exec who now runs New York-based private equity firm CC Capital. Para ...

A new suitor for Paramount Global has emerged. Following months of deal talks with a consortium that included David Ellison's Skydance and private equity firms RedBird Capital and KKR, the deal was called off as it awaited signoff from Redstone. National Amusements, which Redstone controls, holds 77% of class A Paramount shares. During the Hollywood strikes last summer, he said that despite cord cutting, traditional pay-TV is still profitable — unlike most streaming businesses. He called on legacy media to ...

Shares of streaming platform Paramount Global (NASDAQ:PARA) are 2.6% higher to trade at $10.41 this morning, after several companies have expressed interest in a merger. Most notably, Paramount is in talks with Warner Bros Discovery (WBD) and billionaire Barry Diller's IAC (IAC). Analysts have been extremely pessimistic of late, with 22 of the 27 in coverage sporting a "hold" or worse recommendation. Meanwhile, short sellers remain in control, with 11% of the stock's total available float now sold short. PA ...