Bloomberg reports that Shari Redstone has a tentative agreement to sell Paramount Global to Skydance Media, according to undisclosed sources. This deal was negotiated shortly after the parties engaged in exclusive discussions. Paramount, which houses the renowned movie studio, CBS, and cable channels like Nickelodeon and MTV, is overseen by Redstone through her company National Amusements. Approval from Paramount's board members is necessary for any agreement, which, as noted by The Wall Street Journal, would signify the conclusion of Shari Redstone's influence over her family's media empire.
The potential deal is anticipated to depend on financial assistance from Skydance investors, including billionaire Larry Ellison, father of CEO David Ellison, as previously reported by various sources. Warner Bros. Discovery and Apollo Global Management have also expressed interest in Paramount. However, despite Apollo Global Management offering $26 billion, Paramount's directors harbored concerns about the financing, according to The Journal's undisclosed sources.
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