David McNew
Paramount Global (NASDAQ:PARA) climbed 1.7% in after-hours trading on a report suggesting that David Ellison has made a preliminary offer for National Amusements, the firm controlling the media giant and owned by the Redstone family.
Furthermore, Ellison has reportedly engaged in discussions with Paramount regarding the potential merger of his Skydance Media film and studio into the media company, according to a recent Bloomberg report released late on Wednesday, citing sources familiar with the matter. Both parties are in consultation with advisors and actively sharing information.
Last Friday, Bloomberg disclosed that Apollo Global (APO) is contemplating making a bid for National Amusements, which possesses movie theaters and controls 77% of Paramount’s voting stock. Apollo (APO) is just one of numerous investors who have made contact with the investment bank representing the Redstone family.
This latest revelation follows the earlier report this month by the WSJ, which indicated that Ellison, the son of billionaire Oracle co-founder Larry Ellison, was evaluating a proposal involving the integration of his company Skydance Media with Paramount (PARA), the owner of Paramount Pictures movie studio and cable networks like MTV and Nickelodeon.
According to a Financial Times report from last month, which was preceded by a Puck News article, Skydance, the production entity behind “Top Gun: Maverick,” has emerged as a prime contender to assume control of National Amusements owned by Redstone.
In addition, reports emerged last month indicating that David Zaslav, the CEO of Warner Bros. Discovery (WBD), held discussions with Paramount (PARA) to explore the possibility of a merger.
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