May 30, 2024 - Business

Skydance sweetens offer to buy Paramount

The Paramount Studios in Los Angeles, California, US

Photo: Eric Thayer/Bloomberg via Getty Images

Skydance Media submitted a revised offer to buy Paramount that appears to be more favorable to its nonvoting shareholders, Axios has confirmed.

Why it matters: The new offer could put David Ellison's media company back in the driver's seat for Paramount.

Zoom in: The new offer would lessen the amount that Skydance and its backers would pay Redstone, whose National Amusements is Paramount's controlling shareholder, according to Variety.

  • Money would be reallocated towards the company's nonvoting shareholders, many of which have come out publicly against a deal with Skydance, and Skydance would put up more cash upfront, Variety said.
  • News of the new offer was first reported by The Wall Street Journal on Thursday and later confirmed to Axios by a source with knowledge of the talks.

What's next: The special committee that is handling Paramount's sale talks is expected to review the offer shortly, the WSJ reported.

Representatives for Skydance and Paramount declined to comment.

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