Shares of Paramount Global (NYSE:PARA) are down 1.6% at $10.86 this morning, after the company's largest shareholder, Shari Redstone, eliminated merger talks with Skydance Media.
Paramount Global's majority shareholder Shari Redstone has abruptly ended talks for a potential merger with David Ellison's production company Skydance Media, effectively killing the deal that was in the works for several months.
When David Ellison's Skydance made a play for Paramount last fall it was how and when (not if) Shari Redstone would tie the knot. Paramount and Skydance worked together. He valued the studio and its crown jewel of a backlot and planned to keep the company together.
Firms unable to reach agreed upon terms amid speculation over future of the media empire behind CBS and MTV
Shari Redstone pulled the plug on a deal to sell Paramount Global-parent National Amusements to Skydance Media in a months-long soap opera over the media giant's fate.
Paramount Global shares slid more than 7% shortly before market close Tuesday after National Amusements, the media conglomerate's parent company, scrapped merger discussions with Skydance Media, according to multiple outlets, bringing an end to a tedious, months-long negotiation process.
After months of negotiations, Paramount's controlling shareholder Shari Redstone has broken off merger talks with David Ellison's Skydance, according to the WSJ.
National Amusements stops discussions with Skydance on Paramount deal, sources say
Yet another name has surfaced in the Paramount Global scrum as former entertainment executive and beverage billionaire Edgar Bronfman Jr. is eyeing control of the company in a deal scenario with multiple moving pieces even as Shari Redstone's camp remains deep in talks with Skydance.
Former Warner Music boss Edgar Bronfman Jr is working with private equity giant Bain Capital on a bid to buy Paramount Global (NASDAQ:PARA) owner National Amusements Inc. The Wall Street Journal reported today that Bronfman and Bain are mulling a possible offer of between $2 billion and $2.5 billion to buy move theatre operator National Amusements, which controls Paramount.
As media and entertainment giant Paramount Global lurches toward a possible sale, yet another offer could be in the works — this one from onetime media executive Edgar Bronfman Jr., with the backing of private equity firm Bain Capital.
Skydance Media's CEO David Ellison has also made an offer for Paramount owner National Amusements.