Skydance Media has reportedly submitted a new bid to acquire Paramount Global, despite the company being in exclusive talks with Sony.
According to multiple reports, the new bid from Skydance offers a better deal to Paramount’s Class B shareholders, who were said to be unhappy with the company’s initial bid.
Shari Redstone’s National Amusements owns 70 per cent of Paramount’s Class A shares.
A source told Variety that a special committee established by Paramount’s board is currently reviewing the revised offer from Skydance.
Meanwhile, Sony Pictures CEO Tony Vincciquerra told Deadline that its bid to acquire Paramount is “still progressing and we’ll see where we all go”.
Sony and its partner Apollo signed an NDA with Paramount earlier this month.
The two companies had previously tabled an expression of interest in acquiring Paramount Global for $26 billion, but they are thought to have backed away from a cash deal following shareholder opposition and headwinds facing the subscription streaming business.
