Paramount Global is said to be in an exclusive 30-day negotiating window with Skydance Media as the parties explore a reported tentative deal that could see Paramount Pictures end up in the Skydance stable.
According to reports Skydance head David Ellison, son of Oracle founder and multi-billionaire Larry Ellison, wants to buy National Amusements, the Redstone family holding company which owns around three-quarters of Paramount Global.
Shari Redstone, the controlling Paramount Global shareholder, is said to have reached a tentative deal with Ellison.
Were he to close a deal for National Amusements, Ellison’s next step would be to acquire Paramount Pictures, the film and television studio with whom he has co-financed features like Top Gun: Maverick and the Mission: Impossible franchise.
Any deal to acquire the film and television studio would need to be ratified by the Paramount Global board.
Ellison appears to be the frontrunner to acquire Paramount, despite a $26bn all-cash offer by Apollo Global Management last weekend to buy Paramount Global and its $15bn debt load.
This came nearly two weeks after Apollo offered $11bn for Paramount Pictures.
Paramount Global shares leapt 15% on Wednesday afternoon after reports circulated.
Paramount Global and Skydance had not commented on the reports at time of writing.
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