Tech magnate David Ellison is one step closer to taking control of Paramount Global after a special committee voted on Sunday to back his merger with Skydance Media, sources familiar with the matter told Reuters.
Paramount’s board of directors, including non-executive chairman Shari Redstone, is expected to approve the deal soon, according to sources.
The vote follows a preliminary agreement reached last week to sell National Amusements, which owns a controlling stake in Paramount, to Ellison and a deal partner.
A final agreement could be announced as early as Monday.
The proposed merger would combine Paramount’s eponymous film studio and its CBS, MTV and Nickelodeon television networks with a financing partner for several big blockbuster films, including “Top Gun: Maverick,” “Mission: Impossible – Dead Reckoning” and “Star Trek Into Darkness.”
The deal came just weeks after Redstone abruptly called off negotiations with Skydance on June 11.
Skydance has upended its takeover bid for National Amusements, the family holding company that owns 77 percent of Paramount’s voting stock.
The new offer would net the Redstone family $1.75 billion and provide them with stronger legal protections against potential shareholder lawsuits, one of the people said.
