Paramount and Skydance inch closer to a merger as key hurdle looms
by NBC News
NBC News— Paramount Global and Skydance Media are making progress on a deal that would merge the media companies and buy out controlling shareholder Shari Redstone. Paramount Global’s special committee and David Ellison’s Skydance Media, backed by private equity firms KKR and RedBird Capital Partners, are narrowing in on how to value Skydance’s assets as part of a merger, as well as how much equity to add to the company as part of a recapitalization, according to people familiar with the matter. The sides...
CNBC—Paramount and Skydance inch closer to a merger as key hurdle looms, sources say. Paramount Global and Skydance are getting closer to final terms on a merger agreement, sources told CNBC, but a renewal with Charter remains an obstacle.
The Verge—Paramount CEO Bob Bakish steps down as merger inches closer. Paramount has removed Bob Bakish as CEO — and it doesn’t have plans to fill the role. The company announced the news as part of its earnings results on Monday, which will leave Paramount reliant on a committee made up of three executives. The new team consists of George Cheeks, the president and CEO of CBS; Chris McCarthy, the president and CEO of Showtime, MTV Entertainment Studios, and Paramount Media Networks; and Brian Robbins, the president and CEO of Paramount Pictures and Nickelodeon. ...
The Daily Beast—Paramount Announces CEO Bob Bakish’s Exit as Merger Looms. The shakeup, rumblings of which were first reported last week, leaves a committee of three executives in charge of the company.