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Skydance offers $15 per B share in Paramount bid: report

Jun 3, 2024
Photo: Eric Thayer/Bloomberg via Getty Images

Photo: Eric Thayer/Bloomberg via Getty Images

Skydance's revised offer for Paramount includes the option for some nonvoting shareholders to cash out at $15 per share, the Wall Street Journal reported.

Why it matters: The new offer represents a 26% premium of Paramount's closing price on Friday and is meant to seal a deal that's been in the works for nearly six months.

The big picture: Skydance's pursuit of Paramount received initial pushback from some shareholders who worried the deal would favor controlling shareholder Shari Redstone at their expense.

  • The new offer from David Ellison's media company gives shareholders the option of cashing out at $15 per share or rolling their stock into the new company, the WSJ reports.
  • A deal would involve Skydance paying $2 billion to acquire Redstone's National Amusements holding company, followed by a merger between Paramount and Skydance, with Ellison leading the combined company.
  • Skydance would also put $1.5 billion into Paramount's balance sheet, the WSJ said.
  • Paramount and Skydance declined to comment.

What's next: Paramount's annual meeting of shareholders is set for Tuesday morning.

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