A special committee of Paramount Global’s board of directors agreed to recommend the deal with Skydance Media. The Wall Street Journal reported. He said Friday, citing people familiar with the matter.
The potential deal could put an end to months of speculation about Paramount’s fate.
The stock has been volatile for months due to a takeover bid from a consortium of Skydance Media, Apollo Global Management and Sony Pictures, as well as reports of a $30 billion takeover bid from media entrepreneur Byron Allen.
Media mogul Shari Redstone has received interest from at least two companies to buy all or part of her company, National Amusements, which owns 77% of Paramount’s Class A voting stock, the WSJ reported.
The WSJ reported that Redstone has not yet seen the terms of Skydance’s latest proposal.
Paramount did not immediately respond to a Reuters request for comment.
Meanwhile, Paramount Global co-chief executives George Cheeks of CBS, Chris McCarthy of MTV and film studio Brian Robbins are expected to announce their strategies next week, said the executives, who spoke on condition of anonymity on Friday.
The three companies plan to host a town hall meeting for staff on June 5, according to the email seen by Reuters on Friday.
The all-hands meeting comes after Paramount’s annual shareholders meeting on Tuesday.
