Skydance offer would keep Paramount public, dilute holders, CNBC says

Skydance’s “unique” offer to Paramount Global’s (PARA) special committee has the company continuing to trade publicly, Alex Sherman of CNBC reports, citing four people familiar with the parameters of the offer. Skydance would own either a substantial minority stake or a majority stake in Paramount by merging its assets and raising new equity, which it would acquire along with its private equity partners RedBird Capital Partners and KKR (KKR), reports Sherman. The consortium’s ownership percentage in the new company could be around 45% or just over 50%, sources told CNBC. The new equity will be dilutive for existing shareholders, but will align voting and economic control in a way that hasn’t been the case with the Redstone family, adds CNBC. Shares of Paramount are down 3% to $12.02 following the report.