Skydance closing in on Paramount
April 4, 2024
Film studio Skydance is reportedly in advanced, exclusive negotiations to acquire Paramount in a deal valued around $26 billion – $27 billion.
Skydance CEO David Ellison is said to have been meeting with Shari Redstone – whose family’s privately owned cinema group holds 77 per cent of Paramount’s voting stock – and has also met with Paramount Global’s special committee that assesses and advises on potential merger deals.
Skydance would first buy out Redstone’s National Amusements before taking over all of Paramount Global, without splitting up the businesses. The exclusive window gives Paramount and Skydance 30 days to finalise a deal.
Redstone has reportedly shown preference for working with Ellison and Skdance, who have a pre-existing partnership that includes co-producing multiple movies. An acquisition offer from Apollo in March was declined by Paramount.
Paramount Global stock rose 15 per cent in late trading on April 3rd on the news.
Skydance is behind such movies as Top Gun: Maverick, The Adam Project, Terminator Genesis and Air.