06:58 AM EDT, 06/03/2024 (MT Newswires) -- Skydance Media has enhanced its bid to acquire National Amusements and merge with Paramount Global ( PARAA ) , offering Paramount's nonvoting shareholders the option to cash out at roughly $15 per share, a 26% premium to Friday's closing price, multiple media outlets reported Monday, citing sources.

The proposed deal envisages Skydance and its investors, including RedBird Capital Partners and Oracle co-founder Larry Ellison, acquiring National Amusements, injecting at least $1.5 billion in cash into Paramount's balance sheet while allowing some nonvoting shareholders to cash out some of their holdings.

The acquisition process involves a two-step approach: Skydance first buys National Amusements, which holds 77% of Paramount's voting shares, followed by Paramount acquiring Skydance. This strategy requires approval from Paramount's independent directors and possibly a majority of non-Redstone shareholders.

The report said the talks are ongoing and still could fall apart.

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