Skydance Media has submitted an improved offer for Paramount Global, according to reports.
The Wall Street Journal first reported on the new offer which comes with improved terms for both voting and non-voting Paramount shareholders, and provides more cash. No specific details were provided.
The offer is the latest in a protracted series of negotiations for Paramount Global, home to Paramount Pictures film studio, the CBS broadcast network and cable networks such as Nickelodeon and MTV.
Skydance is led by David Ellison, the son of Oracle co-founder Larry Ellison. In January, it made a preliminary offer to buy National Amusements, the Redstone family holding company which controls Paramount Global. In April, Skydance entered an exclusive 30-day negotiating window with Paramount Global.
After the negotiating window expired, Sony and Apollo put a $26bn cash offer on the table for the consideration of Sheri Redstone and a special committee.
Redstone has the power to veto any deal and was said at the time to favour Skydance, which has long been a co-financing partner for Paramount on hits like the Mission: Impossible franchise and Top Gun: Maverick and has the backing of RedBird Capital.
Paramount CEO Bob Bakish stepped down last month in the middle of deal talks amid growing tensions with Redstone.
It is understood Bakish, who had worked with Redstone for more than 25 years since he joined Viacom in 1997, did not favour the bid for the company by Skydance.
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