Paramount’s (PARA) controlling shareholder Shari Redstone is unconvinced by Apollo’s (APO) $11B offer for its Hollywood studio and is instead negotiating with billionaire David Ellison to secure the company’s future, Anna Nicolaou, James Fontanella-Khan, and Christopher Grimes of The Financial Times says. Ellison’s Skydance, which is backed by KKR (KKR), RedBird Capital, and Tencent (TCEHY), has been in talks with Redstone for months to acquire a majority stake in National Amusements, the holding company controlling Paramount. A successful deal would result in Ellison running a combined Paramount and Skydance.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on PARA:
- Thursday Macro & Markets Update – 03.21.24
- M&A News: Apollo Offers to Buy Paramount (NASDAQ:PARA), Shares Surge
- Paramount (NASDAQ:PARA) Plans Worldwide Expansion, Investors Yawn
- Box Office Battle: âKung Fu Panda 4â stays atop with another $30M
- Box Office Battle: âKung Fu Panda 4′ stays atop with another $30M