A special committee of the Paramount Global’s board agreed to recommend a deal with Skydance Media, the Wall Street Journal reported Friday, citing people familiar with the matter.
A potential deal could end months of speculation over Paramount’s fate. Reports on takeover offers from Skydance Media and a consortium of Apollo Global Management and Sony Pictures, as well as a $30 billion bid from media entrepreneur Byron Allen, has left the stock see-sawing for months.
Media mogul Shari Redstone had received expressions of interest from at least two parties in buying all or part of her company National Amusements, which holds 77% of Paramount’s class A voting stock, WSJ said.
Redstone is yet to see the terms of the latest Skydance offer, the WSJ report said.
Paramount did not immediately respond to Reuters request for comment.
Meanwhile, Paramount Global’s co-CEOs,CBS chief George Cheeks, MTV’s Chris McCarthy, and film studio head Brian Robbins, will lay out their strategy next week, said an executive who spoke on condition of anonymity on Friday.
The trio will host the town hall for its staff on June 5, according to an email seen by Reuters on Friday. The all-hands meeting follows Paramount’s annual shareholder meeting on Tuesday.
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