Press release or SEC filing from Skydance or Paramount Global

Skydance Sweetens Merger Offer for Paramount Global, Shares Up 1.9%

May 30, 2024, 06:13 PM

Skydance Media, led by David Ellison, has submitted a sweetened offer for a merger with Paramount Global. The revised bid, which is more favorable to both voting and non-voting shareholders, is set to be reviewed by Paramount's independent committee of directors in the coming days. The Wall Street Journal reports that the offer includes a reduction in the amount paid to controlling shareholder Shari Redstone, while increasing the payout to non-controlling shareholders. Following the news, Paramount's shares spiked, rising 1.9%. This development marks a critical stage in the ongoing negotiations, with a decision expected soon, potentially within the next two weeks. The deal also involves the takeover of National Amusements.