Paramount Board OK’s Merger Deal With Skydance After False Start: Report
A special committee of Paramount Global’s directors has approved a plan to merge with David Ellison’s Skydance Media after months of scattershot negotiations, clearing the way for a deal that will undoubtedly transform the entertainment industry, a person with knowledge of the matter told Bloomberg News.
The insider said that the deal is expected to be inked on Sunday, with an official announcement coming as soon as Monday. It would see Skydance acquire National Amusements, the holding company that holds a controlling stake—77 percent of voting shares—in Paramount.
Skydance, the production company responsible for franchises like Mission: Impossible, Star Trek, and Top Gun, has been trying to acquire Paramount, the parent company of CBS, MTV, Nickelodeon, and Comedy Central, for more than six months.