(Reuters) – National Amusements has reached a preliminary deal to sell its controlling interest in Paramount Global to Skydance, three sources familiar with the matter told Reuters.
Shari Redstone’s National Amusements re-engaged with the David Ellison-led production studio after abruptly ending deal talks last month, while fielding takeover interest from other interested parties.
Skydance will pay $1.75 billion for National Amusements, which owns 77% of the voting shares of Paramount, as part of a two-step deal involving the merger of Skydance and Paramount, according to the tentative agreement.
Here are the key events leading up to the preliminary deal:
Year Events
December CBS Corp (NYSE:) and Viacom merge to form ViacomCBS (NASDAQ:),
2019 combining media mogul Sumner Redstone’s media
units 13 years after a split. ViacomCBS would be
later renamed as Paramount Global
ViacomCBS acquires a 49% stake in film studio
Miramax from BeIN Media Group for $375 million
September ViacomCBS rebrands a CBS streaming service as
2020 Paramount+ and launches it in international
markets
Sells CNET Media Group to Red
Ventures for $500 million
November ViacomCBS agrees to sell CBS Studio Center for
2021 $1.85 billion to private firms
February ViacomCBS changes its name to Paramount Global
2022
December Chief executives of Warner Bros Discovery (NASDAQ:) and
2023 Paramount reportedly in talks over a potential
deal between the two companies
January Skydance CEO David Ellison reportedly explores an
2024 all-cash bid to acquire Paramount parent National
Amusements
January Media entrepreneur Byron Allen submits a $30
2024 billion offer for Paramount, including debt and
equity
March 2024 India’s Reliance Industries agrees to buy
Paramount’s entire 13.01% stake in local
entertainment network Viacom18 Media for about
$517 million
March 2024 Apollo Global Management (NYSE:) reportedly offers to buy
Paramount Pictures film studio for $11 billion
April 2024 Paramount’s board reportedly agrees to enter into
exclusive merger talks with Skydance
April 2024 Paramount replaces CEO Bob Bakish with an office
of CEO comprising CBS President and CEO George
Cheeks, Paramount Pictures studio chief Brian
Robbins, and Chris McCarthy, head of Showtime,
MTV and other networks
June 2024 Edgar Bronfman Jr, former chairman of Warner
Music, reportedly expresses interest in buying
Paramount’s controlling shareholder National
Amusements
June 2024 Shari Redstone abruptly ends talks with Skydance
July 2024 Barry Diller’s digital media conglomerate IAC
reportedly explores bid for Paramount and enters
into non-disclosure agreements with National
Amusements
July 2024 National Amusements reportedly reaches a
preliminary deal to sell its controlling interest
in Paramount to Skydance
