Paramount Global's board enters exclusive merger talks with Skydance Media

Members of Paramount Global's board agreed on Wednesday to enter into exclusive merger talks with Skydance Media, favoring the independent studio over a $26 billion offer from Apollo Global Management. The deal talks, which are more advanced than the offer from the U.S. private equity firm, are part of a two-step process that, if successful, would end Shari Redstone's control of the media empire built by her father, the late Sumner Redstone.

A special committee of Paramount's board elected 'to pursue the bird in hand,' rather than chase a deal 'that might not actually come to fruition,' said the person with knowledge of the board's action, adding that the period of exclusivity for discussions will run for 30 days

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Paramount Rumored to Be Exploring Merger Options with Various CompaniesReports suggest that Paramount is considering joining forces with Warner Bros. Discovery, Skydance Media, Apollo Global Management, and Byron Allen. The company may also explore a streaming partnership with Comcast. Paramount's parent company, National Amusements, may also be acquired as a result of the potential merger.
Source: verge - 🏆 94. / 67 Read more »