National Amusements stops discussions with Skydance on Paramount deal, sources say
National Amusements has stopped talks with Skydance on a proposed merger with Paramount Global, CNBC’s David Faber reported Tuesday.
National Amusements has stopped talks with Skydance on a proposed merger with Paramount Global, CNBC’s David Faber reported Tuesday.
National Amusements, which is owned by Shari Redstone, the controlling shareholder of Paramount, had previously agreed to terms of a merger with a consortium that includes David Ellison’s Skydance, and private equity firms RedBird Capital and KKR. The deal had been awaiting signoff from Redstone, CNBC previously reported. National Amusements, which Redstone controls, owns 77% of class A Paramount shares.
Paramount shares closed nearly 8% lower Tuesday following the report.
National Amusements said in a statement on Tuesday it has “not been able to reach mutually acceptable terms regarding the potential transaction with Skydance Media for the acquisition of a controlling stake in NAI.”
“NAI is grateful to Skydance for their months of work in pursuing this potential transaction and looks forward to the ongoing, successful production collaboration between Paramount and Skydance,” the statement said.
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