Shares of Paramount Global soared 15% Wednesday following a report that Shari Redstone — the company’s controlling shareholder — had reached a tentative agreement to sell her stake to Skydance Media.
Bloomberg News, citing anonymous sources, reported that Redstone had come to a tentative agreement to sell her stake in National Amusements Inc. to David Ellison’s Skydance. NAI holds a nearly 80% voting stake in Paramount Global. The Bloomberg report didn’t include details on price or other terms.
However, sources told Variety that no agreement — preliminary or otherwise — has been negotiated at this point. Reps for Paramount Global, NAI and Skydance have declined to comment on the M&A talks.
Variety reported Tuesday that Redstone and Skydance were close to establishing 30-day window for exclusive deal talks after months of discussions. According to knowledgeable sources, NAI and Skydance have now entered into a provisional agreement covering such exclusive negotiations.
More to come
