Skydance awaits word on its enhanced bid for Paramount
- Skydance Media on Monday was awaiting a response to its enhanced bid for entertainment conglomerate Paramount Global, in which it offered to buy nearly half of the nonvoting Paramount shares at $15 each, according to a source familiar with the matter.
"We received the financial terms of the proposed Paramount/Skydance transaction over the weekend and we are reviewing them," said a spokesperson for movie theater owner National Amusements, which holds 77% of Paramount's class A voting stock. Under the revised deal terms, Skydance would make a tender offer to buy about 40% of Paramount's nonvoting B class of shares, according to the source familiar with the matter.
In a related transaction, Skydance would acquire privately held National Amusements, which owns movie theaters in the U.S., UK and Latin America, and whose 77% holding of Paramount class A voting stock represents the Redstone family's controlling interest in the company. That $2 billion deal would give David Ellison's Skydance voting control over the larger media company, setting the stage for the merger.
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