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Skydance Media’s latest offer for Paramount Global (NASDAQ:Para) offers the option to purchase a certain number of non-voting shares of Paramount stock at a price of approximately $15 per share.
The offer also reportedly gives the stock the option to participate in a new deal Reports from the media wall street journal and Bloomberg on Sunday. The $15 per share offer represents a 26% premium to Paramount (for) closes on Friday.
According to reports, under the proposed deal, Skydance and its backers, including RedBird Capital, would fund the purchase of National Amusements and add cash to Paramount’s balance sheet.
Paramount’s (PARA) special committee recommended Skydance’s offer on Friday, according to media reports at the time. The decision to accept or reject the offer now rests largely with Shari Redstone, who controls 77% of the voting shares.
Paramount (PARA) is scheduled to hold its annual meeting on Tuesday.
The Wall Street Journal said on Friday that at least two companies have expressed interest in Redstone in recent weeks and are interested in buying all or part of National Amusements. Hollywood producer Steven Paul has been raising about $3 billion in a bid to buy National Entertainment Corp., people familiar with the matter told The Wall Street Journal. At least one other investor group has also expressed interest in buying National Amusements.
Apollo Global Inc. (APO) and Sony Corp. (Sony) have also made non-binding offers to Paramount Worldwide Inc. (PARA), although reports in recent weeks suggest Sony’s interest may have waned.
