Reports: David Ellison Nears New Deal for Paramount

(Image credit: ViacomCBS)

Paramount Global's stock rose early on Weds., July 3 after new reports indicated that David Ellison’s Skydance Media had sweetened its offer for Paramount Global’s holding company National Amusement and that the two parties had a preliminary agreement.

Under the new offer, the Wall Street Journal is reporting that Skydance would pay $1.75 billion for National Amusements. If the sale is completed, Skydance would then merge with Paramount.

National Amusements, which is owned by the Redstone family and run by Shari Redstone, owns 77% of the voting stock of Paramount.

The drama over Paramount’s potential sale has been going on for several months. Chances of an agreement rose in April, when Skydance entered into an exclusive window to negotiate with Paramount, and then fell when they were unable to agree on terms in May.

In early June, CNBC and the Wall Street Journal both reported that the talks were revived and a Skydance/Paramount deal was expected within days. But talks suddenly collapsed on June 11.

Shares in Paramount were up about 7% at 11:38 a.m. ET on the renewed chances of a deal.

George Winslow is the senior content producer for TV Tech. He has written about the television, media and technology industries for nearly 30 years for such publications as Broadcasting & Cable, Multichannel News and TV Tech. Over the years, he has edited a number of magazines, including Multichannel News International and World Screen, and moderated panels at such major industry events as NAB and MIP TV. He has published two books and dozens of encyclopedia articles on such subjects as the media, New York City history and economics.