FOX Business’ Charlie Gasparino appears on “The Craman Countdown” to discuss the feud between Paramount CEO Bob Bakish and Skydance over the “messy” merger.
Paramount Global is finalizing the details of its $8 billion acquisition by Skydance Media, according to multiple reports.
FOX Business’ Charlie Gasparino reports. It was reported last week that Skydance and its backers were in final stages of talks to acquire Paramount, with a deal potentially set to close within the next two weeks.
The Paramount logo is displayed at Columbia Square along Sunset Boulevard in Hollywood, California on March 9, 2023. (Photo: Patrick T. Fallon/AFP via Getty Images/Getty Images)
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| Para | Paramount Global | 12.71 | +0.80 | +6.72% |
Paramount Global Class B
On the weekend, The Wall Street Journal The report said Skydance has increased its offer in a revised proposal to acquire National Amusements from Shari Redstone and merge with Paramount.
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And on Monday, CNBC reported: The terms of the deal, which has already been finalized and could be announced soon, are reportedly worth $8 billion, with Redstone receiving $2 billion for National Amusements, according to the outlet.
Shari Redstone attended the Paramount Pictures and DreamWorks Pictures premiere of Ghost in the Shell at AMC Lincoln Square Theater on March 29, 2017 in New York City. (Jared Siskin/Patrick McMullan via Getty Images/Getty Images)
The deal was reported after Sony Pictures and private equity firm Apollo Global Management made an all-cash offer to buy Paramount, but sources told Gasparino that Paramount was growing increasingly concerned that the offer “would not receive regulatory approval.”
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Paramount is currently run by three senior executives, including three who will head a newly created Office of the CEO, replacing former CEO Bob Bakish, who stepped down in late April.
Bob Bakish stepped down as CEO of Paramount Global in late April. (David Paul Morris/Bloomberg via Getty Images/Getty Images)
According to sources FOXBusiness At the time, Bakish was at odds with Redstone, who was non-executive chairman, over terms that were reportedly unfavorable to common shareholders.
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Redstone’s father, Sumner Redstone, built a media empire that began as National Amusements Co. in Massachusetts and made his family billionaires, and he was considered one of the most influential media titans of his time.
Sumner Redstone (Mario Ruiz/The LIFE Images Collection via Getty Images/Getty Images) / Getty Images)
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FOX Business’ Charles Gasparino contributed to this report.
