Redstones, Ellison offer concessions to Paramount investors, Bloomberg News reports

By Thomson Reuters Apr 28, 2024 | 8:57 PM

(Reuters) – The Redstone family and Skydance Media CEO David Ellison have both made concessions to make a potential change in control at Paramount Global more appealing the company’s other investors, Bloomberg News reported on Sunday.

Paramount is currently engaged in exclusive deal talks with Skydance Media, an independent studio led by Ellison, though some investors have urged Paramount to explore other options.

Ellison is offering to buy a block of Paramount shares at a premium to help improve Paramount’s finances, the report said, citing a person familiar with the talks.

He has also been in talks with an independent committee of Paramount directors over a possible deal, the report added.

The Redstones, who own a majority of Paramount’s voting shares, have agreed to let non-voting shareholders have a say in whether a deal with Skydance should be approved, according to the report.

Sony Pictures Entertainment and Apollo Global Management are also discussing making a joint bid for Paramount, Reuters reported earlier in April.

Paramount and Skydance did not immediately respond to Reuters’ request for comments.

(Reporting by Chandni Shah in Bengaluru; Editing by Rashmi Aich)