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Updated at 1:55 p.m.: Added the latest reports from CNBC.
Skydance Media to announce deal to acquire Paramount Global (NASDAQ:Para). Paramount up 8.8%.
According to CNBC’s David, the deal is awaiting signature from controlling shareholder Shari Redstone Faber said on Monday, citing people familiar with the matter. It could take some time for Redstone to decide what she will do after consulting with lawyers, and it could be days before a decision is made.
Under the proposed deal, Redstone would receive $2 billion in funding for National Amusements, according to Faber. Skydance will acquire 50% of the B shares at $15 per share. Investors will inject $1.5 billion in cash into Paramount’s balance sheet. When the deal closes, Skydance-RedBird will own two-thirds of Paramount.
Skydance and RedBird’s equity checks total $8 billion, according to Faber.
Media reports late Sunday said Skydance’s latest offer provides an option to buy a certain number of non-voting Paramount shares at about $15 a share.
Apollo Global Inc. (APO) and Sony Corp. (Sony) have also made non-binding offers to Paramount Worldwide Inc. (PARA), although reports in recent weeks have suggested Sony’s interest has waned.
