Big Law

Source Says Paramount Will Enter Into Exclusive Merger Talks With Skydance

Members of Paramount Global’s board agreed on Wednesday to enter into exclusive merger talks with Skydance Media, favoring the independent studio over a $26 billion offer from Apollo Global Management, a person familiar with the matter said.

The deal talks, which are more advanced than the offer from the U.S. private equity firm, are part of a two-step process that, if successful, would end Shari Redstone’s control of the media empire built by her father, the late Sumner Redstone.

A special committee of Paramount’s board elected “to pursue the bird in hand,” rather than chase a deal “that might not actually come to fruition,” said the person with knowledge of the board’s action, adding that the period of exclusivity for discussions will run for 30 days.

Read the source article at Yahoo Finance

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