Members of Paramount Global's board agreed on Wednesday to enter into exclusive merger talks with Skydance Media, favoring the independent studio over a $26 billion offer from Apollo Global Management , a person familiar with the matter said.
Item 1 of 2 Toy figures of people are seen in front of the displayed Paramount + logo, in this illustration taken January 20, 2022. REUTERS/Dado Ruvic/Illustration/File PhotoToy figures of people are seen in front of the displayed Paramount + logo, in this illustration taken January 20, 2022.
A special committee of Paramount's board elected "to pursue the bird in hand," rather than chase a deal "that might not actually come to fruition," said the person with knowledge of the board's action, adding that the period of exclusivity for discussions will run for 30 days. Two people familiar with Apollo's offer described it as "extremely preliminary," noting that it was not the result of negotiations or diligence, but rather to "stall" any deal with Skydance.
Paramount Global has lost more than $16 billion in value since it was formed through the hard-fought reunion of CBS and Viacom in 2019. The company’s market capitalization fell below $10 billion in January.
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