Special committee of Paramount Global endorses plan to merge with Skydance Media, source says
What preliminary agreement was reached last week?
Last week, a preliminary agreement was reached to sell National Amusements, which holds a controlling stake in Paramount, to David Ellison and his deal partners2. This agreement has led to a special committee voting to support a merger between Paramount Global and Skydance Media.
What did Paramount Global's special committee endorse?
Paramount Global's special committee endorsed a plan to merge with Skydance Media, moving tech scion David Ellison closer to gaining control of the company. The full board, including non-executive chair Shari Redstone, is expected to approve the deal, which combines Paramount's film studio and TV networks with Skydance, its financial partner on several major film releases.
Who is David Ellison in relation to Paramount Global?
David Ellison is the head of Skydance Media and the son of billionaire Larry Ellison. He is in the process of acquiring Paramount Global through a merger with his company, Skydance Media. This deal would put him in charge of a media empire that includes CBS, MTV, and the Paramount movie studio4.