{"id":3943,"date":"2024-05-04T12:30:09","date_gmt":"2024-05-04T12:30:09","guid":{"rendered":"https:\/\/businesstriumphs.com\/index.php\/2024\/05\/04\/skydance-bid-for-paramount-hinges-on-shari-redstone-as-special-committee-ends-exclusive-talks\/"},"modified":"2024-05-04T12:30:09","modified_gmt":"2024-05-04T12:30:09","slug":"skydance-bid-for-paramount-hinges-on-shari-redstone-as-special-committee-ends-exclusive-talks","status":"publish","type":"post","link":"https:\/\/businesstriumphs.com\/index.php\/2024\/05\/04\/skydance-bid-for-paramount-hinges-on-shari-redstone-as-special-committee-ends-exclusive-talks\/","title":{"rendered":"Skydance bid for Paramount hinges on Shari Redstone as special committee ends exclusive talks"},"content":{"rendered":"<p class=\"\">Skydance Media is prepared to walk away from its offer for\u00a0Paramount Global\u00a0unless it receives a firm commitment from controlling shareholder Shari Redstone, following the latest offer from Apollo Global Management and Sony Pictures, according to a person familiar with the matter.<\/p>\n<p class=\"\">The exclusivity window for discussions between David Ellison\u2019s Skydance, backed by private equity firms RedBird Capital and KKR, and Paramount ends Friday and won\u2019t be extended, people familiar with the matter told CNBC\u2019s David Faber. Paramount shares rose following the report.<\/p>\n<div><\/div>\n<p class=\"\">The consortium has been waiting for word from Paramount\u2019s special committee on whether the panel will recommend its bid to acquire the company to Redstone. Now, with Apollo and Sony formally expressing interest in acquiring the company for about $26 billion, the Skydance group is looking for Redstone to reaffirm her commitment to the deal.<\/p>\n<p class=\"\">The Skydance consortium is not keen to hang around to be a stalking horse offer for Apollo and Sony, one of the people said. Still, depending on what Redstone says, Ellison may be willing to work with her, a second person said.<\/p>\n<p class=\"\">Spokespeople for Skydance, Redstone\u2019s National Amusements and Paramount\u2019s special committee declined to comment on Friday.<\/p>\n<p class=\"\">Apollo and Sony made their latest offer\u00a0Thursday, CNBC previously reported. The special committee is currently considering the bid, the people said.<\/p>\n<p class=\"\">As part of Skydance\u2019s\u00a0latest deal\u00a0on the table, Redstone may take less than $2 billion for her controlling stake in Paramount, which is lower than Skydance\u2019s initial offer. The consortium is contributing additional capital to\u00a0pay common, Class B shareholders\u00a0at a nearly 30% premium to the undisturbed trading price of about $11 per share, CNBC has reported. In total, Redstone and Skydance would contribute $3 billion, with the vast majority going to Class B shareholders, according to people familiar with the matter.<\/p>\n<p class=\"\">Skydance\u2019s valuation as part of the deal remains around $5 billion, the people said. It\u2019s unclear if the Apollo-Sony offer gives Redstone the same premium.<\/p>\n<p class=\"endmark\">Previously, Redstone rejected an offer by Apollo in favor of exclusive talks with Skydance. Redstone has preferred a deal that would\u00a0keep Paramount together, as Skydance\u2019s offer would, CNBC previously reported. A private equity firm is likely to break up the company.<\/p>\n<\/p>\n<div>This post appeared first on NBC NEWS<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Skydance Media is prepared to walk away from its offer for\u00a0Paramount Global\u00a0unless it receives a firm commitment from controlling shareholder Shari Redstone, following the latest offer from Apollo Global Management and Sony Pictures, according to a person familiar with the matter. The exclusivity window for discussions between David Ellison\u2019s Skydance, backed by private equity firms [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":3944,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-3943","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/3943","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=3943"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/3943\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/3944"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=3943"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=3943"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=3943"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}