National Amusements stops discussions with Skydance on Paramount deal, sources say
Publishing timestamp: 2024-06-11 20:42:45
Summary
National Amusements has stopped talks with Skydance on a proposed merger with Paramount Global, ending months of deal discussions without a transaction. Paramount shares closed nearly 8% lower following the news. The deal had been awaiting signoff from Shari Redstone, the controlling shareholder of Paramount. Discussions broke down due to disagreements on terms, including a so-called majority of minority vote clause. Redstone can now consider other offers for National Amusements, including one from Apollo Global Management and Sony. Skydance and RedBird Capital had planned to contribute cash to help reduce Paramount's debt and get the company back to an investment-grade rating.
Sentiment: MIXED
Tickers: PARA,
Keywords: business news, paramount global, breaking news: business,