Skydance Prepared to Walk Away From Offer for Paramount Without Firm Commitment, CNBC Reports

--Skydance Media is prepared to walk away from its offer for Paramount Global unless it receives a firm commitment from controlling shareholder Shari Redstone, CNBC reports, citing a person familiar with the matter.

--The exclusivity window for discussions between Paramount and David Ellison's production company Skydance, which is backed by private equity firms RedBird Capital and KKR, ends on Friday and won't be extended, according to the report.

--The latest development comes as Sony Pictures and private-equity firm Apollo Global Management submitted an all-cash $26 billion offer for Paramount, The Wall Street Journal reported Thursday.

--The Skydance consortium is not keen to hang around to be a stalking horse offer for Apollo and Sony, CNBC reports. Still, depending on what Redstone says, Ellison may be willing to work with her, it added.

Full article at https://www.cnbc.com/2024/05/03/paramount-news-skydance-could-drop-bid-after-sony-apollo-offer.html

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

May 03, 2024 11:24 ET (15:24 GMT)

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