Paramount Global, one of Hollywood's top film studios, has announced a merger agreement with independent studio Skydance Media. Paramount’s non-executive chair, Shari Redstone, will sell her family’s main stake in the production company in a deal that will create a new firm worth $28 billion.
Apex Capital Trust has submitted a competing offer to acquire Paramount Global in an all-cash deal for up to $43 billion, the investment firm said Wednesday. Paramount and National Amusements did not immediately respond to Reuters requests for comment.
It has offered $35 a share for Class A voting shares, which it notes represents a 33% premium over the stock’s 52-week high. Barry Diller hints IAC no longer in race for Paramount deal, fears merger will face litigation: reportThe rival bidder also is offering $23.28 per share for non-voting Class B shares of Paramount, or a 33% premium.
Apex said it would assume Paramount’s debt of $15.8 billion and would pay the $400 million break-up free to Skydance.It said it would infuse the media company with $10 billion in working capital to carry out its business plan.
Business Mergers & Acquisitions Paramount Shari Redstone
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