Skydance talks for Paramount near finish line, but Redstone family decision looms

For more than a week, Paramount Global has been poised to accept David Ellison's bid for control of the troubled media company. But one big question hangs over the protracted deal talks:

Will Paramount’s controlling shareholder Shari Redstone and her three children ultimately approve the deal?

People close to the sale process say Ellison’s production company, Skydance Media, and its financial backers are close to finalizing a deal that Ellison has been pursuing since last summer. On Monday, following a weekend of negotiations, lawyers for the two sides — Skydance and the Redstone family — had agreed on several major outstanding issues but were still grappling with remaining deal points, according to three knowledgeable people who were not authorized to comment given the delicate nature of the talks.

The lengthy and public auction — elongated by a six-month review by Paramount’s board committee of independent directors — has been complicated by an additional wrinkle. In recent weeks, two other potential suitors have expressed interest in buying the Redstone family’s investment vehicle, National Amusements Inc., which holds the 77% of voting shares in Paramount.

Read full article at: https://www.latimes.com/entertainment-arts/business/story/2024-06-10/skydance-paramount-rocky-sale-process-bronfman-redbird