Paramount Global is reportedly in the final stages of being purchased by Skydance Media in an $8 billion deal, according to various reports. The deal, which could be finalized in the next two weeks, includes a sweetened offer from Skydance to buy National Amusements from Shari Redstone and merge with Paramount.
The total deal is valued at $8 billion, with Redstone set to receive $2 billion for National Amusements. This development comes after Sony Pictures and private equity firm Apollo Global Management made an all-cash offer to buy Paramount, which raised concerns about regulatory approval.
Paramount is currently being led by a new Office of the CEO following the departure of former Chief Executive Bob Bakish in late April. Bakish reportedly clashed with Redstone over the terms of the deal, which were seen as unfavorable to common shareholders.
The Redstone family, led by Sumner Redstone, built Paramount's media empire, starting with National Amusements in Massachusetts. Sumner Redstone was considered one of the most influential media figures of his time and made his family billionaires.
Overall, the impending sale of Paramount to Skydance Media represents a significant shift in the entertainment industry. The deal is expected to have far-reaching implications for both companies and could reshape the landscape of Hollywood. Stay tuned for more updates as the details of the agreement are finalized.