Paramount and Skydance inch closer to a merger as key hurdle looms, sources say
Publishing timestamp: 2024-04-25 17:14:50
Summary
Skydance Media and its private equity backers are aiming to finalize a deal with Paramount Global in May. The deal would involve merging media companies and buying out controlling shareholder Shari Redstone. Paramount Global's special committee and Skydance Media are working on valuing Skydance's assets and determining the equity to add to the company. Paramount Global is also in renewal negotiations with Charter Communications, which could impact the deal. Skydance plans to raise new equity to pay off debt and buy out Redstone. There are also discussions with Apollo Global Management and Sony for a potential buyout of all Paramount Global shareholders. Skydance's offer is favored over Apollo's due to the potential for future upside for shareholders. Bakish, the current CEO of Paramount Global, may leave the company under the Skydance merger.
Sentiment: MIXED
Keywords: business, shari redstone, cable television, breaking news: business, arts and entertainment, business news, charter communications inc, paramount global, technology, media,
Source: https://www.cnbc.com/2024/04/25/paramount-skydance-inch-closer-to-a-merger-agreement.html