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Paramount Global (NASDAQ:PARA) (PARAA) parent National Amusements has reportedly come to agreement on preliminary terms to merge Paramount with Skydance Media, a deal that had fallen apart last month.
Skydance, led by David Ellison, would buy NAI (the family company of Shari Redstone) and merge with Paramount, the media giant that NAI controls, The Wall Street Journal reported.
Paramount stock jumped anew after hours: (PARA) +4.2%, (PARAA) +1.2%. The stocks had risen 5.7% and 7.8% respectively during the regular session after Monday’s reports that media mogul Barry Diller was showing interest.
Terms of the new Skydance deal weren’t available, but the media company’s previous deal came in for criticism from a number of Paramount shareholders for favoring Shari Redstone’s voting shares over the broader shareholder class.
National Amusements expects to refer the new deal to a Paramount special board committee for review, according to the report, and Redstone won’t require the deal to be subject to approval by a majority of non-Redstone Paramount shareholders.