Paramount’s Decision on Exclusive Talks
A special committee of Paramount Global’s (NASDAQ:PARA) board has formally informed David Ellison, the CEO of Skydance Media, that discussions regarding his bid for the company are no longer confined to an exclusive arrangement. The exclusive negotiating window granted to Skydance had expired on May 3.
Competitive Offer Landscape
The committee’s decision was spurred by new developments in the bidding war for Paramount. Apollo Global Management (APO) and Sony (SONY) have jointly presented a substantial $26 billion offer for the studio. This bid by Apollo and Sony competed with Skydance’s proposal and led to the board’s choice to open up discussions.
Recent Offer Details
In the recent past, Apollo Global Management had made multiple overtures to Paramount (NASDAQ:PARAA). According to reports from Bloomberg News, the latest offer, in conjunction with Sony’s involvement, provided additional particulars. This heightened level of detail likely influenced the decision by Paramount’s board regarding the exclusivity of talks with Skydance.