David Ellison ‘s Skydance Media has gained a key approval vote for the company’s proposed acquisition of Paramount Global controlling shareholder National Amusements Inc. after seven months of talks. The deal was blessed Sunday by a special committee of Paramount’s board, a person familiar with the matter told Deadline.
The full board is now expected to consider the proposal. Bloomberg News earlier reported on the special committee vote and said a formal announcement would be made Monday. Reps from NAI, Paramount and Skydance did not immediately respond to Deadline’s request for comment.
Related Stories Legal Discovery Shareholders Win $125M Settlement Of Lawsuit Alleging AT&T Merger "Wasn't Entirely Fair" To Most Investors News Back In Business: Skydance And Shari Redstone Reach Terms On New Merger Proposal For Paramount While the board committee action is a milestone, one of the features of the current agreement is a 45-day “go-shop” provision, which now allows NAI chief Shari Redstone to field alternative offers. Apollo Global Management, Barry Diller and Edgar Bronfman Jr. are among others who have explored bids.
Apollo, both on its own and in partnership with Sony Pictures, has submitted formal offers in recent months but they haven’t gained much traction. Under terms of the Skydance agreement, Redstone and her family will receive $1.75 billion, with additional funds going toward Paramount debt repayment.
The transaction is expected to be the first of two p.
