The Paramount logo is displayed at Columbia Square along Sunset Boulevard in Hollywood, California on March 9, 2023.
beautiful images
Supreme and Skydance have agreed to merger terms, which will likely be announced in the coming days, CNBC’s David Faber reported Monday.
A special committee of Paramount and the buying consortium – David Ellison’s Skydance, backed by private equity firms RedBird Capital and KKR – agreed to the terms. Faber said Monday that the deal is pending a signature from Paramount’s controlling shareholder, Shari Redstone, who owns National Amusements, which owns 77% of Paramount’s Class A shares.
The deal comes after weeks of discussion and following recent competing offers from Apollo Global Management and Sony Pictures.
Faber reported Monday that the deal now calls for Redstone to receive $2 billion for National Amusements. Skydance will buy nearly 50% of Paramount’s Class B stock for $15 per share, which will leave holders with equity in the new company.
Skydance and RedBird will also contribute $1.5 billion in cash to Paramount’s balance sheet to help reduce debt. Faber reported that after the deal closes, Skydance and Redbird will own two-thirds of Paramount’s shares and Class B shareholders will own the remaining one-third of the company.
This is breaking news. Please check back for updates.
