Reported 11 months ago
Paramount Global Chair Shari Redstone has decided to walk away from a merger deal with David Ellison's Skydance Media, ending negotiations to merge her family’s media company with Skydance. The special committee of the board met on Tuesday to discuss the deal, which would have seen Redstone sell her family’s National Amusements Inc. to Ellison. However, Redstone's initial support for the deal changed after resistance from management and shareholders and Ellison's revised offer failed to align with their interests. Redstone will now pursue a sale of National Amusements alone, impacting Paramount's shares and future negotiations in the entertainment industry.
Source: YAHOO