The auction for Shari Redstone's media company heats up as Skydance signals its strong interest in a complex two-phase deal.
David Ellison's Skydance Media and its investment partners have increased their offer to Paramount Global board members, signaling the technology scion's strong intent to take over the storied media company. Two people close to the discussions who were not authorized to comment confirmed the new offer, but precise terms were not disclosed. The move comes less than a month after Skydance's exclusive negotiating window expired without a deal.
Controlling shareholder Shari Redstone has long preferred Skydance's proposal, which would give her family a premium on their voting shares. Both sides recognized that previous proposals by Skydance — joined by RedBird Capital Partners and KKR — would not pass muster with shareholders, including those beyond the Redstone family who hold voting A-class shares, knowledgeable people have said. The new proposal is expected to provide more incentive to calm the shareholder base.
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