Skydance Media has submitted a sweetened offer for Paramount Global, in accordance with an individual conversant in the matter.
The brand new deal improves terms for each classes of Paramount shareholders, and provides more money, in accordance with the source, who spoke on condition of anonymity.
Specific details of the offer couldn’t immediately be determined.
David Ellison’s Skydance Media has been in talks to purchase Paramount for several months. Rafael Henrique/SOPA Images/Shutterstock
A spokesman for a special committee of the Paramount board, which was created to judge such offers, declined to comment.
The Wall Street Journal first reported the improved offer.
David Ellison’s Skydance initially proposed a posh transaction, during which it might pay roughly $2 billion to amass the Redstone family’s holding company, National Amusements, which holds 77% of Paramount’s class-A voting stock.
The brand new deal improves terms for each classes of Paramount shareholders, and provides more money, in accordance with the source AFP via Getty Images
Paramount would then acquire Skydance in an all-stock transaction price around $5 billion. It subsequently offered a $3 billion deal sweetener entailing a combination of share buybacks and money that may very well be used to pay down debt.
A rival bidder, Sony Pictures Entertainment, in partnership with Apollo Global Management, is also eager about acquiring the US media company.
Paramount shares rose 2.3% to almost $12 on the news.
