02:33 PM EDT, 05/31/2024 (MT Newswires) -- (Updates with details throughout.)

Paramount Global ( PARAA ) directors endorsed a takeover bid by David Ellison's Skydance Media, according to media reports Friday.

Skydance plans to acquire Paramount's controlling shareholder National Amusements and then merge with the media and entertainment conglomerate. It plans to buy out the rest of Paramount shares for more than $3 billion, according to Bloomberg.

Meanwhile, the Wall Street Journal reported that National Amusements' owner, Shari Redstone, may consider transferring the holding of her company to another interested party instead. This would bypass the need for Paramount to merge with another company.

According to the WSJ, Hollywood producer Steven Paul is interested in making a bid of around $3 billion for National Amusements.

Paramount Global ( PARAA ), Skydance, and National Amusements did not immediately respond to requests for comment from MT Newswires.

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