In a strategic move during a typically slow period, Skydance Media and Shari Redstone’s National Amusements Inc. (NAI) have renewed discussions to acquire Paramount Global. The tentative agreement now awaits review by Paramount Global’s special committee of the board of directors, who hold a 45-day window to shop for better terms. This comes after talks stalled last month over economic and shareholder concerns. Skydance initially balked at NAI’s request to allow a vote by noncontrolling shareholders, aiming to indemnify Redstone from potential lawsuits. Paramount Global’s stock responded positively to the latest headlines, marking a temporary spike despite a challenging year marked by a 28% drop in share value. Rumors also swirled about various prospective bidders, including Barry Diller’s IAC and an investor group eying BET Networks for $1.6 billion. Paramount’s board navigates these developments alongside strategic shifts aimed at cost reductions and asset sales, following the exit of former CEO Bob Bakish and the appointment of a three-person Office of the CEO.

Media & Entertainment, Private Equity & Venture Capital, Mergers & Acquisitions,United States