Technology mogul David Ellison moves closer to gaining control of Paramount Global Company. A source close to the deal told Reuters that a special committee voted on Sunday in favor of merging Skydance Media with Paramount.
According to the source, the entire board of Paramount, including non-executive chairman Shari Redstone, is expected to approve the deal soon.
The vote follows a preliminary agreement reached last week, under which National Amusements, which holds a controlling stake in Paramount, will be sold to Ellison and his transaction partners.
The final transaction could be announced as early as Monday.
The proposed merger will combine Paramount, which owns renowned film studios and TV networks CBS, MTV, and Nickelodeon, with its financial partner Skydance on several major film releases, including "Top Gun: Maverick," "Mission: Impossible - Dead Reckoning," and "Star Trek Into Darkness."
This deal comes weeks after Redstone abruptly halted negotiations with Skydance on June 11.
Skydance increased its offer to the family holding company National Amusements, which controls 77% of Paramount's voting rights. According to the source, the new offer will bring the Redstone family $1.75 billion. Additionally, the offer strengthens legal protections against potential shareholder litigation.
