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Paramount, Skydance agree to terms on $8B merger deal: report

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Mergers & Acquisitions,Paramount,Paramount Pictures

Skydance will pay $2 billion for Paramount’s parent company, National Amusements, which is controlled by majority stakeholder Shari Redstone.

Paramount Global has agreed on terms of an $8 billion merger with Skydance — the Hollywood studio the media giant has collaborated with to crank out the blockbuster “Mission: Impossible” franchise, according to a report.

“We received the financial terms of the proposed Paramount/Skydance transaction over the weekend and we are reviewing them,” a National Amusements spokesperson said.Altogether, the deal is valued at $8 billion — up from about $5 billion under earlier terms discussed between Skydance and Paramount. In addition to its namesake movie studio, Paramount owns CBS and cable TV networks including Nickelodeon, MTV, and Comedy Central.

As part of the deal, Skydance will buy out nearly half of Paramount’s class B shares for $4.5 billion, $15 apiece — giving shareholders a stake in the newly formed company, according to Faber. As negotiations have continued, Paramount’s C-suite also has been shuffled in recent months, with Bob Bakish stepping down as CEO in April. He was replaced by a trio of executives dubbed the “Office of the CEO.”

 

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