Paramount and Skydance close to new merger deal
US media executive Shari Redstone has reportedly reached a preliminary agreement to sell her controlling stake in Paramount Global to a company called Skydance Media, which is run by David Ellison, the son of Oracle co-founder Larry Ellison.
Paramount and Skydance close to new merger deal
The Wall Street Journal reports that Ms Redstone will sell her company National Amusements, which owns about 77 per cent of the voting shares in Paramount, to Skydance, for about $2.5 billion.
Paramount is the owner of the film studio, plus Australian broadcaster Channel Ten, along with the American channels CBS, MTV and Nickelodeon.
It has struggled with a declining cable television business, rising costs, and expenses stemming from the launch of its streaming service.
It's unclear what the potential deal means for Channel Ten at this stage.