Entertainment
Skydance Media Reaches Preliminary Paramount Merger Agreement
- Terms include more for Redstones, greater legal protection
- Deal will be referred to committee of Paramount directors
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Paramount Global shares jumped the most in two months on Wednesday after a merger deal with independent film and TV producer Skydance Media was revived.
Skydance, led by Oracle Corp. co-founder Larry Ellison’s son David Ellison, has reached a preliminary agreement to buy Shari Redstone’s National Amusements Inc. for $1.75 billion and merge with Paramount, the parent of CBS and MTV, according to a person with knowledge of the matter.