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Paramount's special committee approves Skydance merger

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Private Equity,Kohlberg Kravis Roberts (KKR)

This complex and chaotic story is almost over.

Share on email Paramount Global's special committee overseeing strategic options has approved the latest merger offer from Skydance Media, sources tell Axios.: This should end months of complex and chaotic talks to combine Shari Redstone's media empire with an upstart studio run by David Ellison, the son of Oracle founder Larry Ellison.Paramount's board is expected to approve the deal shortly, a source tells Axios, with an official announcement to follow.

But regulatory and strategic concerns gave Redstone jitters about the Apollo/Sony bid. Given the harsh media climate, she was left with few other options.Skydance CEO David Ellison, the son of Larry Ellison, will run the combined company. Private equity firms RedBird Capital Partners and KKR are investors in Skydance, and would own a stake in the combined company. Jeff Shell, formerly the CEO of NBCUniversal and currently a Redbird executive, is expected to be part of the company's management team.Share on linkedin

 

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