Shari Redstone, the chair of Paramount Global, made a striking appearance at the prestigious Allen & Co. Media and Technology Conference in Sun Valley, Idaho, on a memorable Tuesday in July 2023.
Reports suggest that Skydance Media is on the verge of withdrawing its bid for Paramount Global unless it secures a solid commitment from the influential shareholder Shari Redstone. This decision comes in light of a recent offer from Apollo Global Management and Sony Pictures, as disclosed by a reliable source.
The clock is ticking for David Ellison’s Skydance, supported by RedBird Capital and KKR, as the exclusive negotiation period with Paramount is set to conclude on Friday with no possibility of an extension, as per insiders speaking to CNBC’s David Faber. The news of this development has caused a surge in Paramount’s stock value.
The consortium led by Skydance has been eagerly awaiting feedback from Paramount’s special committee regarding the recommendation of their acquisition bid to Redstone. With Apollo and Sony now officially throwing their hats in the ring with a proposed $26 billion acquisition offer, the stakes have never been higher.
2024-05-03 19:19:28
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