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Paramount Global Halts Merger Talks with Skydance Media
Paramount Global's Chair Shari Redstone has opted to terminate merger negotiations with David Ellison's Skydance Media. The decision came after a special committee of the board convened to deliberate on a complex deal proposed by Ellison. The proposal involved Redstone selling her family's controlling stake in Paramount Global, which encompasses Paramount Pictures, CBS, and MTV, to Ellison for $2.25 billion.
Sources familiar with the matter disclosed that Charles Phillips, the lead independent director, opposed the offer. This opposition influenced Redstone's decision to withdraw from the talks. Redstone is now expected to explore the sale of National Amusements Inc., the holding company that controls 77% of Paramount's voting stock, as per the insiders who requested anonymity.
Neither Paramount Global nor Skydance Media provided comments on the situation. The Wall Street Journal initially reported on the cessation of the negotiations.
The news of the halted merger discussions led to a significant market reaction, with Paramount's shares dropping by about 8%.
