The Trader Harbor
  • Business
  • Politics
  • World News
  • Stocks
  • Business
  • Politics
  • World News
  • Stocks

The Trader Harbor

Business

Skydance bid for Paramount hinges on Shari Redstone as special committee ends exclusive talks

by admin May 4, 2024
May 4, 2024
Skydance bid for Paramount hinges on Shari Redstone as special committee ends exclusive talks

Skydance Media is prepared to walk away from its offer for Paramount Global unless it receives a firm commitment from controlling shareholder Shari Redstone, following the latest offer from Apollo Global Management and Sony Pictures, according to a person familiar with the matter.

The exclusivity window for discussions between David Ellison’s Skydance, backed by private equity firms RedBird Capital and KKR, and Paramount ends Friday and won’t be extended, people familiar with the matter told CNBC’s David Faber. Paramount shares rose following the report.

The consortium has been waiting for word from Paramount’s special committee on whether the panel will recommend its bid to acquire the company to Redstone. Now, with Apollo and Sony formally expressing interest in acquiring the company for about $26 billion, the Skydance group is looking for Redstone to reaffirm her commitment to the deal.

The Skydance consortium is not keen to hang around to be a stalking horse offer for Apollo and Sony, one of the people said. Still, depending on what Redstone says, Ellison may be willing to work with her, a second person said.

Spokespeople for Skydance, Redstone’s National Amusements and Paramount’s special committee declined to comment on Friday.

Apollo and Sony made their latest offer Thursday, CNBC previously reported. The special committee is currently considering the bid, the people said.

As part of Skydance’s latest deal on the table, Redstone may take less than $2 billion for her controlling stake in Paramount, which is lower than Skydance’s initial offer. The consortium is contributing additional capital to pay common, Class B shareholders at a nearly 30% premium to the undisturbed trading price of about $11 per share, CNBC has reported. In total, Redstone and Skydance would contribute $3 billion, with the vast majority going to Class B shareholders, according to people familiar with the matter.

Skydance’s valuation as part of the deal remains around $5 billion, the people said. It’s unclear if the Apollo-Sony offer gives Redstone the same premium.

Previously, Redstone rejected an offer by Apollo in favor of exclusive talks with Skydance. Redstone has preferred a deal that would keep Paramount together, as Skydance’s offer would, CNBC previously reported. A private equity firm is likely to break up the company.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Johnson & Johnson to pay $6.5 billion to resolve nearly all talc ovarian cancer lawsuits in U.S.
next post
Home prices soar even higher in February, despite higher mortgage rates, says S&P Case-Shiller

Related Posts

College protesters want their schools to divest from...

April 26, 2024

Robinhood CEO sees Amazon-like subscription model as path...

March 29, 2025

Costco cracks down on sharing membership cards

August 9, 2024

Home prices soar even higher in February, despite...

May 3, 2024

Trump could scale back Canada, Mexico tariffs Wednesday,...

March 6, 2025

Bitcoin approaches new all-time high after surpassing $65,000

March 5, 2024

Dockworkers union, port companies reach tentative 6-year deal

January 10, 2025

Procter & Gamble to cut 7,000 jobs as...

June 9, 2025

IAC approves spinoff of home improvement marketplace Angi

January 14, 2025

Extreme heat makes flying harder. Airlines and airports...

July 30, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • LimeWire acquires Fyre Festival, asking ‘What Could Possibly Go Wrong?’

      September 17, 2025
    • The Real Drivers of This Market: AI, Semis & Robotics

      September 17, 2025
    • S&P 500 Breaking Out Again: What This Means for Your Portfolio

      September 17, 2025
    • Trump appeals order blocking him from firing Fed governor Cook as crucial central bank meeting starts

      September 17, 2025
    • FBI’s Trump probe ‘Arctic Frost’ also investigated Charlie Kirk’s TPUSA, Grassley reveals

      September 17, 2025
    • Bill Barr transcript flies in face of Democrat claims on Epstein-Trump connection

      September 17, 2025

    Categories

    • Business (1,384)
    • Politics (4,504)
    • Stocks (1,653)
    • Uncategorized (45)
    • World News (1,377)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheTraderHarbor, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thetraderharbor.com | All Rights Reserved