Paramount's Majority Stakeholder has Struck a Fresh Agreement with Skydance Media

Paramount Global's primary shareholder, National Amusements owned by Shari Redstone, has reportedly struck a fresh agreement with Skydance Media. This comes shortly after negotiations between the two parties ceased recently, as reported by three sources with knowledge of the matter speaking on Tuesday.

Following the news of Skydance Media’s pact to gain National Amusements, which holds the Redstone family’s controlling interest in Paramount, shares of Paramount rose by 9% over trading.

National Amusements notified a special committee of the Paramount Global board that it had reached an agreement, two of the sources said.

The special committee is now analyzing whether to combine Paramount, home of the namesake studio, CBS and Nickelodeon, with Skydance.

According to an earlier report from the Wall Street Journal on Tuesday, Skydance has agreed to pay $1.75 billion to acquire National Amusements. 

Paramount chose not to provide a comment, whereas National Amusements and Skydance did not immediately respond to the request for comment.

The agreement follows Redstone’s sudden end of discussions with David Ellison’s Skydance Media in June, halting the potential sale of a controlling interest in Paramount Global to the independent studio.

National Amusements operates movie theaters in the United States, Britain, and Latin America, holding 77% of Paramount’s class A voting stocks owned by the Redstone family.