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Skydance Media to Acquire Controlling Stake in Paramount Global for $1.75 Billion, Shares Surge

Jul 7, 2024, 07:55 PM

Shari Redstone's National Amusements has reached a preliminary agreement to sell its controlling interest in Paramount Global to David Ellison's Skydance Media. The deal, which has been endorsed by a special committee of Paramount's board, is expected to be finalized by the weekend. This merger follows a previously failed attempt due to investor pushback. Paramount shares surged over 9% following the news. The transaction, valued at $1.75 billion, will see Skydance acquire National Amusements' controlling stake in Paramount. David Ellison, son of Oracle co-founder Larry Ellison, will gain control of Paramount, which owns brands like CBS and MTV. The deal awaits a final signature from Shari Redstone and is anticipated to be formally announced on Monday.