Skydance’s Revised Offer Would Allow Paramount Shareholders to Cash Out at $15/shr, WSJ Reports

(Reuters) – Skydance Media last week revised its offer for Paramount Global to buy up to a number of non-voting Paramount shares at $15 each, the Wall Street Journal reported on Sunday, citing people familiar with the matter. folder.

The new proposal values ​​Paramount’s B shares at a premium of about 26% to Friday’s close, the report added.

Paramount declined to comment on the report while Skydance did not immediately respond to Reuters’ request for comment.

A special committee of Paramount’s board of directors has agreed to recommend a deal with Skydance Media after its sweetened offer last week, the Wall Street Journal reported Friday.

Skydance has submitted a sweetened offer for its proposed merger with Paramount that would offer better terms to Paramount’s voting and non-voting shareholders and provide more liquidity, a source told Reuters on Thursday.

Skydance spent months in negotiations with Paramount.

Meanwhile, a rival bidder, Sony Pictures Entertainment, in partnership with Apollo Global Management, emerged late in the transaction process, submitting a non-binding, all-cash offer of $26 billion. She has since moved away from that initial proposal in favor of a more limited approach.

(Reporting by Angela Christy in Bangalore; editing by Lisa Shumaker and Nick Zieminski)