David Ellison’s Skydance Media has made a preliminary offer to buy National Amusements, the Redstone family holding company which controls Paramount Global, according to a report on Bloomberg.
As previously reported, Ellison is looking for a way to acquire Paramount Global’s key asset, Paramount Pictures, and is trying to do this by buying National Amusements, which controls around 77% of Paramount Global’s voting stock.
According to the report, both Skydance and Paramount have hired advisors.
Were the acquisition to go through it is understood Ellison would merge Skydance – a longtime co-financier of Paramount tentpoles like Top Gun: Maverick and films in the Mission: Impossible franchise – with the studio before selling off other Paramount Global assets.
Ellison’s father, the multi-billionaire Oracle founder Larry Ellison, would be a likely backer for the acquisition, given Paramount Global’s $8bn-plus market capitalisation.
Hollywood observers have said there is no guarantee the acquisition will go ahead. Reports first emerged last month that Ellison and private equity player RedBird Capital were mulling over a bid.
Warner Bros Discovery has previously kicked the tyres at Paramount Global.
Paramount Global and Skydance Media had not replied at time of writing.
No comments yet