Skydance Media has put forward an enhanced offers as it looks to regain the initiative in its bid for the movie studio, television network and streaming service.
Wall Street Journal reported that the new deal offered improved terns for both voting and non-voting Paramount shareholders – as well as putting more cash on the table – but details of the offer were sparce.
After months of negotiations between Skydance, led by David Ellison, son of Oracle co-founder Larry Ellison, Sony Pictures Entertainment emerged with a joint $26 million bid with Apollo Global Management.
Ellison and partners RedBird Capital originally offered $2 billion for National Amusements, the Redstone family holding company that owns around 77% of Paramount Class A Voting stock. Paramount would then have acquired Skydance – the studio behind Top Gun: Maverick for $5 billion. A further $3 billion in cash and share buybacks was then offered by Skydance in a bid to pacify some board members who thought the original deal favoured the Redstone’s too heavily.
