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Skydance's unique offer for Paramount Global would give it a large stake while keeping the company public

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The unusual transaction Skydance is offering Paramount Global isn’t ideal for shareholders, but it may be better than nothing.

Skydance Media, RedBird Capital and KKR want to take a significant minority or slight majority stake in a publicly traded Paramount Global, sources told CNBC.Skydance CEO David Ellison and RedBird's Jeff Shell, the former CEO of NBCUniversal, would both have leadership roles in a new company if a deal is approved, sources told CNBC.

The consortium's ownership percentage in the new company could be around 45% or just over 50%, said the people, who asked not to be named because the discussions are private. No details have been nailed down and are all still subject to change, the people said.The new equity will be dilutive for existing shareholders.

David Ellison would likely lead the new company. Former NBCUniversal CEO Jeff Shell, in his capacity as chairman for sports and media at RedBird, is also expected to have a major leadership role. Management would be open to divestitures that current CEO Bob Bakish has examined but ultimately rejected, such as selling BET Media Group and Showtime, the people said.

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