David Ellison‘s Skydance Media has announced it and its backers will invest $8 billion in a takeover of Paramount Global, capping a seven-month quest.
The company had received approval earlier Sunday from a special committee of Paramount’s board of directors. The full board then OK’d the plan for a two-step transaction.
First the acquisition of National Amusements Inc., the entity run by Shari Redstone that had controlled almost 80% of Paramount voting shares.
That transaction will be followed by a full merger. Paramount Class A stockholders will get $23 per share. Class B stockholders will get $15 per share in cash/stock election.
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