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Redstones, Ellison offer concessions to Paramount investors, Bloomberg News reports
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Redstones, Ellison offer concessions to Paramount investors, Bloomberg News reports
Apr 28, 2024 8:03 PM

April 28 (Reuters) - The Redstone family and Skydance

Media CEO David Ellison have both made concessions to make a

potential change in control at Paramount Global ( PARAA ) 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 ( APO )

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.

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