Skydance Media has revised its offer for Paramount Global, providing nonvoting shareholders the option to cash out at $15 per share, a 26% premium over the previous price. The deal, spearheaded by David Ellison, includes a $1.5 billion cash injection to pay down Paramount’s debt and a plan to tender for about 50% of Paramount's B shares. Additionally, Skydance and RedBird Capital would own two-thirds of Paramount post-merger. The agreement, valued at $8 billion, is pending approval from Paramount's controlling shareholder Shari Redstone. Paramount's leadership is also considering job cuts and exploring joint venture options for its streaming service as part of a broader restructuring plan. Key sticking points include legal expenses, a potential go-shop period, and a shareholder vote.
As Paramount Global controlling shareholder Shari Redstone mulls the terms of a merger between her conglom and Skydance, the network/studio/streaming service trotted out their best and brightest CEO troika this early AM in annual global stockholders meet to tout their hit parade… https://t.co/Hc2A15GcwM
Why is the media industry obsessed with the Paramount story? Why does it feel like all Hollywood people want Skydance to win? Shari Redstone has never pulled the trigger on selling Paramount — why now? https://t.co/li6FOv23ax @sarafischer answers @danprimack in Pro Rata
Shari Redstone leaves investors guessing as Paramount and Skydance agree merger terms https://t.co/yM6egzBJ0q