David Ellison has moved a step closer to taking up Paramount Global, the owner of MTV and CBS, after a special committee of the corporate’s board approved a merger together with his company Skydance Media, in keeping with an individual acquainted with the matter.
An agreement would end one of the chaotic and dramatic merger deals in recent history. The full board is predicted to approve the deal. The parties will sign the ultimate papers on Sunday and an announcement might be made as early as Monday, said the person, who asked to not be identified since the meeting was confidential.
A final decision has not yet been made and talks may crumble. Another person with knowledge of the matter said the committee remains to be meeting and has not yet officially voted.
A Skydance-Paramount merger could be only one step in an advanced deal. Ellison plans to amass National Amusements, the holding company of Paramount majority shareholder Shari Redstone, after which merge Skydance with Paramount. Redstone has approved the take care of Ellison, which might end her family’s stewardship of a media empire after 4 many years, but must still give final approval.
Ellison’s talks with Paramount and Redstone fell apart just a number of weeks ago, shocking the corporate’s board, employees and shareholders. But the son of Oracle Corp. co-founder Larry Ellison kept in contact with Redstone and revived negotiations in recent days. The recent terms include the next valuation for National Amusements and a stronger provision that indemnifies the Redstones’ company against litigation which may arise from the deal.
