Shari Redstone, the controlling shareholder of Paramount Global, must weigh whether to approve a merger of the entertainment company with Skydance Media after a special committee of its board agreed to recommend that deal, or pursue a sale of her family’s holding company at a premium, people familiar with the situation told The Wall Street Journal’s Jessica Toonkel and Lauren Thomas. Redstone is weighing the alternative path of only selling National Amusements, which owns 77% of the voting shares of Paramount as well as a movie-theater chain, the report noted. Hollywood producer Steven Paul has been lining up financing to make an offer for National Amusements of around $3B, while at least one other investor group has expressed interest in buying National Amusements, people familiar with the matter told Toonkel and Thomas. Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news.

Source: Wall Street Journal June 01, 2024 17:20 UTC