financetom
Business
financetom
/
Business
/
Special committee of Paramount Global endorses plan to merge with Skydance Media, source says
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Special committee of Paramount Global endorses plan to merge with Skydance Media, source says
Jul 7, 2024 7:05 PM

(Reuters) -Tech scion David Ellison moved one step closer to gaining control of Paramount Global, with a special committee voting Sunday to support a merger with his Skydance Media, a source close to the deal told Reuters.

Paramount's full board, including its non-executive chair, Shari Redstone, is expected to approve the deal imminently, the source said.

The vote comes on the heels of a preliminary agreement reached last week to sell National Amusements, which holds a controlling stake in Paramount, to Ellison and his deal partners.

The final deal could be announced as soon as Monday.

The proposed merger would combine Paramount, with its namesake film studio and its CBS, MTV and Nickelodeon television networks, with its financial partner on several major film releases, including "Top Gun: Maverick", "Mission: Impossible -Dead Reckoning" and "Star Trek Into Darkness".

The deal comes weeks after Redstone abruptly called off negotiations with Skydance on June 11.

Skydance sweetened its offer for the family's holding company, National Amusements, which controls 77% of Paramount's voting shares. The new offer would net the Redstone family $1.75 billion, said one of the sources. It also enhanced legal protections from possible shareholder lawsuits, the source said.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
US Supreme Court dealt blows to EPA and environmental protections
US Supreme Court dealt blows to EPA and environmental protections
Jul 1, 2025
* Court limited environmental reviews in Utah railway ruling * It reined in EPA power to police water pollution discharge * Court backed fuel producers in California emissions case By John Kruzel WASHINGTON, July 1 (Reuters) - The U.S. Supreme Court delivered setbacks to environmental interests in a series of recent rulings including by further restricting the Environmental Protection Agency's...
Cloudflare launches tool to help website owners monetize AI bot crawler access 
Cloudflare launches tool to help website owners monetize AI bot crawler access 
Jul 1, 2025
* Growth of AI bot crawlers squeezing content creators' search revenue * Cloudflare ( NET ) tool marks shift from traditional search engine traffic model * Publishers and social media firms, including Reddit ( RDDT ) and Condé Nast support initiative By Krystal Hu NEW YORK, July 1 (Reuters) - Cloudflare ( NET ) has launched a tool that blocks...
Alvotech Partners With Advanz Pharma to Launch Cimzia Biosimilar in Europe
Alvotech Partners With Advanz Pharma to Launch Cimzia Biosimilar in Europe
Jul 1, 2025
06:00 AM EDT, 07/01/2025 (MT Newswires) -- Alvotech ( ALVO ) said Tuesday it has partnered with Advanz Pharma for the supply and commercialization of AVT10, its biosimilar candidate to Cimzia, in Europe. Cimzia, owned by biopharma firm UCB, is indicated for a variety of inflammatory diseases, including for the treatment of chronic rheumatic diseases, especially for women of childbearing...
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Aug 17, 2025
SYDNEY, Aug 18 (Reuters) - Google agreed on Monday to pay a A$55 million ($35.8 million) fine in Australia after the consumer watchdog found it had hurt competition by paying the country's two largest telcos to pre-install its search application on Android phones, excluding rival search engines. The fine extends a bumpy period for the Alphabet-owned internet giant in Australia,...
Copyright 2023-2026 - www.financetom.com All Rights Reserved