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Paramount Global has more bidders now that Sony Pictures and Apollo Global Management have joined forces and proposed to acquire a stake in the company. It is now competing with Skydance Media for a buyout deal.
As per Reuters, all the bidders of Paramount Global are now waiting for an update from the special committee that is handling the company’s stake sale. It is a group formed by the company’s board and was put in charge of evaluating offers. The committee members held a meeting last weekend to discuss the proposals, and now the bidders are waiting for their decisions before they take the next step.
Deadline for Skydance Media
Paramount Global concluded its negotiations with Skydance Media last Friday, but there could still be some developments later. But as of this time, as the talks ended with Skydance, it opened the door wider for Sony Pictures and Apollo Global to push their bid.
The special committee is now free to accept other offers for the sale of Paramount Global stake. Some people who have knowledge of the matter said that the bidding group is likely to push for Apollo to hold the rights to Paramount’s CBS broadcast license. Then again, the committee has not yet contacted Sony Pictures Entertainment to advise on the buyout.
Skydance Media’s David Ellison Receives James Cameron’s Support for the Deal
While the talks with Skymedia ended after several months on the negotiating table, it was reported that award-winning filmmaker James Cameron and Ari Emmanuel, CEO of Endeavor entertainment and media agency, have expressed support for Skymedia’s bid for Paramount. They think that the company’s CEO, David Ellison, has already proven himself to do a good job after the takeover.
Deadline reported that Ellison is still in the mix as Paramount starts talks with other bidders. This means that despite reaching the end of negotiations, Ellison may continue those talks but in a non-exclusive setting now.
“I love the Ellison idea.” James Cameron said, and Ari Emanuel added that Skydance’s Ellison is “a natural acquirer” of Paramount.
Photo by: Michael Mayer/Pixabay
