Film and TV studio magnate David Ellison, founder of Skydance Media, has reportedly extended a preliminary offer to acquire National Amusements Inc., the holding company of the Redstone family.
This strategic move aims to gain control of Paramount Global (NASDAQ:PARA), the media giant behind iconic brands such as MTV and Nickelodeon.
Discussions have ensued between Ellison and Paramount regarding the potential merger of Skydance Media into the larger media company after the acquisition.
Both parties are in the process of exchanging financial information as part of the negotiation process, Bloomberg reported, citing undisclosed sources.
National Amusements currently holds movie theaters and commands 77% of Paramount’s voting stock.
Ellison envisions financing the deal with assistance from Skydance’s investors, including his father, Larry Ellison, co-founder of Oracle Corporation (NYSE:ORCL), and private equity firms RedBird Capital Partners and KKR & Co (NYSE:KKR).
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