The on-again, off-again flirtation between Skydance Media and Paramount Global appeared to be back on Tuesday, with reports that the David Ellison-led firm has reached a tentative deal to acquire Paramount.
The Wall Street Journal initially reported Tuesday that talks had renewed and led to a possible deal that would give Skydance control of National Amusements Inc., controlled by Shari Redstone. Taking control of NAI would give Skydance control over Paramount Global. NAI holds roughly 77% of the voting shares in Paramount Global.
About a month ago, Redstone reportedly pulled out of a possible merger deal with Skydance. The Los Angeles Times reported that Skydance had offered more than $2 billion for NAI, with the Redstone family ultimately receiving about $1.7 billion after covering existing debts.
The new deal, according to The Times, would add about $500 million to that total, giving the Redstone family roughly $1.75 billion.
There has been no comment from either Skydance or Paramount Global.
Paramount Global was created in 2019 through the combination of Viacom and CBS. The company includes Paramount Pictures, BET Networks and networks including MTV, Nickelodeon, Comedy Central, CMT, Showtime, Paramount+ and Pluto TV.