Paramount and Skydance are back on with a preliminary merger deal, WSJ reports

By Bill Peters

National Amusements, Paramount's controlling company, last month reportedly ended talks with Skydance

The on-again, off-again courtship between Shari Redstone, Paramount Global Inc. and Skydance Media is back on, after the three sides reportedly have reached a preliminary merger deal.

The news was reported by the Wall Street Journal late Tuesday. Under that agreement, the Journal reported, Skydance would buy Paramount's controlling company, National Amusements, which Redstone runs, and then merge with Paramount, which owns CBS, MTV and its namesake studio and streaming platform.

The Journal said specific terms were not yet clear. Shares of Paramount (PARA) jumped 8% after hours on Tuesday.

Paramount declined to comment. Skydance and National Amusements did not immediately respond to requests for comment.

National Amusements last month ended talks with Skydance, according to reports. The Los Angeles Times reported that National Amusements nixed the deal after Skydance's efforts to sweeten the bid for shareholders - some of whom complained the deal didn't reward them enough - dinged the value of National Amusements, leaving Redstone unhappy.

-Bill Peters

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07-02-24 2152ET

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