The deal that could see Skydance Media taking over Paramount Global took a step closer today as Paramount Global’s board of directors has agreed to the revised terms for the merger says Bloomberg News.
The pact will immediately be reviewed by the full board of the parent company of Paramount Pictures, CBS, Nickelodeon, Paramount+, Showtime, MTV and more.
If the deal passes muster there, especially with controlling shareholder Shari Redstone, then Skydance and Paramount could potentially announce the deal as early as Monday morning.
As part of the deal, Paramount Global will have the right to shop around for matching or superior offers for a 45-day period before completing the deal with Skydance.
Under terms of the Skydance agreement, Redstone and her family will receive $1.75 billion, with additional funds going toward Paramount debt repayment.
The transaction of Skydance acquiring Redstone’s National Amusements Inc. (which controls 80% of Paramount’s voting shares) is the first of two parts, a full merger between Skydance and Paramount Global will then follow with the overall transaction reportedly coming in at around $8.4 billion according to The L.A. Times.
The handover also requires the approval of U.S. federal regulators, a process that could take months.
Should it all go through, Skydance will gain control of a portfolio that includes Paramount Pictures, CBS, Nickelodeon and the Paramount+ service. Skydance reportedly is seen as wanting to preserve the entity in much the same shape as it currently exists.