Tech scion David Ellison has reached a preliminary deal to buy the Redstone family holding company National Amusements Inc., which would give his Skydance Media control over Paramount Global, according to three people close the situation who were not authorized to comment. The tentative agreement, which came together Tuesday, represents another dramatic reversal by media mogul Shari Redstone, who controls National Amusements and its 77% voting shares in Paramount Global. Under the previous deal proposal, Skydance and its financiers had planned to pay more than $2 billion for National Amusements. After the firm’s debt was paid off, the sum would have provided the Redstone family with about $1.7 billion. In addition to the family’s Paramount shares, National Amusements includes a regional movie theater chain founded during the Great Depression.

Source: Los Angeles Times July 03, 2024 14:14 UTC