Skydance Media has submitted an improved offer for Paramount Global, according to reports.
The Financial Times reported that a special committee of Paramount directors has recommended a sweetened acquisition offer from Skydance Media.
This leaves the final decision over whether to sell the US studios in the hands of controlling shareholder Shari Redstone.
Skydance, the production group founded by billionaire David Ellison, has been negotiating for Paramount over the past several months.
Skydance is backed by US private equity groups RedBird and KKR. It has previously partnered with Paramount on several major film releases, including Top Gun: Maverick, Mission: Impossible Dead Reckoning Part One and Star Trek Into Darkness.
Paramount’s board, which Redstone chairs, will vote on the Skydance deal at the company’s June 4 annual meeting.
CNBC reported a deal could be announced in the coming days.
Last month, Sony Pictures and private equity firm Apollo Global Management also teamed up to table a $26bn offer for Paramount Global.
Bob Bakish stepped down as Paramount’s chief executive last month after reportedly opposing the company’s proposed merger with Skydance.
Paramount Global is the parent company of movie studio Paramount Pictures, broadcasting network CBS, as well as brands including Showtime, MTV, Comedy Central and Smithsonian, and streamer Paramount+.
Redstone’s family owns 77% of the controlling shares of Paramount Global through their holding company National Amusements.
You are not signed in
Only registered users can comment on this article.
HbbTV Association formally integrates DRM in HbbTV 2.0.5
The HbbTV Association has published version 2.0.5 of its core specification, which formally integrates digital rights management (DRM). While HbbTV devices have supported DRM for many years, this is the first time it has been explicitly defined, providing a harmonised, interoperable approach across the ecosystem.
Netflix withdraws from race to acquire Warner Bros Discovery
Netflix has withdrawn from the race to acquire Warner Bros Discovery, leaving the way clear for Paramount Skydance to win the months-long battle for the historic Hollywood studio.
Avatar: Fire and Ash leads at Visual Effects Society awards
Avatar: Fire and Ash was the big winner at the Visual Effects Society’s 24th Annual VES Awards, taking home seven awards in total, including the top prize of Outstanding Visual Effects in a Photoreal Feature.
UK set to enhance regulation of major streamers such as Netflix and Disney+
The UK's biggest video-on-demand services will have to follow the same content and accessibility rules as traditional broadcasters, under new government legislation.
Charity publishes set of principles for mentally healthy productions
The Film and TV Charity has unveiled its new ‘Principles for Mentally Healthy Productions’ to help address systemic pressures and poor working practices across the UK screen sector, aiming to improve culture and conditions on productions.
