A new scenario has surfaced in the ever-swirling speculation about Paramount Global’s fate. The Wall Street Journal reported this afternoon that Skydance, with backing from other investors, is considering an all-cash bid for National Amusements.
The Shari Redstone-led company controls nearly 80% of Paramount shares and is the gatekeeper for any M&A deal. Redstone became non-executive chair of Paramount’s board after spending years engineering a merger of CBS and Viacom, with the combined company rebranding as Paramount Global in 2022.
She has reportedly grown increasingly interested in fielding offers for the company in recent months. Like many of its media peers, Paramount has lost significant value due to cord-cutting, streaming expenses and concerns about its debt.
Skydance and Paramount declined to comment. Reps from National Amusements and Paramount did not immediately respond to a request for comment.
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