Paramount backs upped Skydance offer
June 3, 2024
Paramount independent shareholders are recommending the enhanced acquisition offer from Skydance Media, meaning the decision will now come down to controlling shareholder Shari Redstone.
Redstone has been negotiating with Skydance, the production group founded by Oracle billionaire David Ellison, meanwhile the company has received competing interest from Apollo private equity and Sony.
Skydance, whose backers include RedBird and KKR, has offered to decrease the payout to Redstone’s National Amusements (NAI) in favour of a bigger payout for the rest of Paramount’s investors, reports the FT. The move is aimed at winning over common shareholders, some of whom previously protested that the Skydance offer favoured the Redstone family. A special committee representing shareholder interests, tasked with making a recommendation to the board, has approved the Skydance deal, it is reported.
Paramount’s board, which Redstone (pictured) chairs, will vote on the Skydance deal at the company’s June 4th annual meeting.