David Ellison is one step closer to acquiring MTV and CBS parent Paramount Global after a special committee of the company’s board approved a deal with his Skydance Media, according to people familiar with the matter. merge.
The agreement would end one of the most tumultuous and dramatic mergers in recent history. The full board will approve the deal, the two sides will sign final documents on Sunday, and an announcement could be made as soon as Monday, said the person, who asked not to be identified because the meeting is confidential.
No final decision has been made and discussions may fail. Another person familiar with the matter said the committee was still meeting and had not yet formally voted.
Skydance’s merger with Paramount is just one step in a complex deal. Ellison plans to acquire National Amusements, the holding company of Paramount controlling shareholder Shari Redstone, and then merge Skydance with Paramount. Redstone gave her blessing to the deal with Ellison, which would end her family’s four-decade run of the media empire, but still needs final approval.
Ellison’s talks with Paramount and Redstone collapsed weeks ago, shocking the company’s board of directors, employees and shareholders. But Larry Ellison, the son of Oracle co-founder Larry Ellison, has remained in contact with Redstone and resumed talks in the past few days. The new terms include an increase in National Amusements’ valuation and stronger provisions to protect Redstone from lawsuits that could arise from the deal.
