Paramount Global’s board of directors have unanimously approved a deal that will see David Ellison’s Skydance Media merge with the studio after acquiring controlling shareholder Shari Redstone’s National Amusements, two individuals familiar with the matter tell TheWrap.
The deal, which now awaits a final signature from Redstone, is expected to be formally announced Monday morning.
TheWrap reported last week that Skydance and National Amusements had reached a tentative agreement that was set to be referred to Paramount’s special committee. Under that new deal, Ellison would pay Redstone $1.75 billion to acquire her holding company, which controls about 77% of Paramount’s class A voting stock.