Wall Street Journal Summary – Revised Skydance offer would let Paramount shareholders cash out at $15/shr, WSJ reports
Over the Paywall – Good Info News Wire
Key Facts
- Skydance Media has revised its offer for non-voting Paramount Global shares to $15 each, placing a 26% premium on the B-shares.
- A special committee of Paramount’s board is recommending a deal with Skydance Media after its improved offer.
- Sony Pictures Entertainment and Apollo Global Management submitted a non-binding all-cash offer of $26 billion which they have since revised.
Last week, Skydance Media revised its offer to Paramount Global for a certain number of non-voting shares to $15 each, a 26% premium on Paramount’s B-shares according to a report by the Wall Street Journal. A special committee of Paramount’s board has agreed to recommend the deal following Skydance’s sweetened offer, which includes improved terms for both voting and non-voting shareholders, and more cash. Paramount has remained silent about the report while Skydance has not responded immediately to requests for comment. Sony Pictures Entertainment and Apollo Global Management emerged as rival bidders, proposing a non-binding all-cash offer of $26 billion. They have, however, backed down from the initial proposal in favor of a more limited approach.
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