Skydance renews Paramount acquisition talks

According to reports, Shari Redstone’s National Amusements has reached a preliminary deal to sell its controlling interest in the US studio to David Ellison’s Skydance Media.

Skydance is set to pay $1.75bn for National Amusements, which owns 77% of the voting shares of Paramount.

The acquisition would merge Ellison’s independent production company and the Hollywood studio.

Skydance and National Amusements have agreed to a 45-day “go-shop period” that would open the door to other interested bidders, according to reports.

Skydance CEO David Ellison, the son of Oracle co-founder Larry Ellison, has spent months in pursuit of Paramount.

National Amusements pulled the plug on advanced talks with Skydance last month, saying the two sides had been unable to reach mutually acceptable terms for Paramount.

National Amusements is said to have referred the new Skydance offer to a special committee of Paramount’s board for review.

Other recent expressions of interest in National Amusements include film producer Steven Paul, Seagram heir Edgar Bronfman Jr and IAC’s Barry Diller. IBC365