Paramount Global’s independent special committee agreed to recommend a revised offer from David Ellison’s Skydance Media, paving a way for the potential merger of his production company with the struggling media conglomerate, according to the Wall Street Journal and other media reports.
The decision, which follows months of negotiations, now puts the fate of the media conglomerate in the hands of controlling shareholder Shari Redstone.
Representatives for Paramount and Skydance declined to comment.
Under Skydance’s initial two-step plan, the company offered around $2 billion to acquire Redstone’s National Amusements, which owns 77% of Paramount’s class A voting stock and 5.2%