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Paramount was not acquired and Sony is once again analyzing the purchase

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Sony is back in the game! After months of negotiations, Paramount did not reach an “acceptable” agreement on the potential transaction with Skydance Media, as reported by the Redstone family fund, which controls the company.

Previously, David Ellison’s Skydance, backed by private equity firms RedBird Capital and KKR, had even ironed out the details. The official announcement was already awaited by the industry, however, something went wrong.

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Paramount Global shareholders spoke out against the Skydance deal from the beginning and even threatened to sue. According to Deadline, Skydance reviewed the deal several times, but it still wasn’t satisfied.

Looking at the situation from the outside, Sony and Apollo, who initially considered a joint offer of US$26 billion for the entire company, changed their stance. This offer was reduced and the owner of PlayStation is still carrying out due diligence (examining Paramount’s books, as Skydance did) for some type of smaller transaction.

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What’s Paramount’s outlook like before possibly joining Sony?

Paramount has been the subject of M&A speculation since the spring of 2023. Skydance, which has co-financed several film and TV projects with Paramount Pictures, was the first outside entity to emerge as a legitimate suitor.

The process has been complicated. Amid all the takeover speculation, former Paramount CEO Bob Bakish stepped down in April, weeks before four board members resigned. According to Deadline’s sources, the possible agreement with Skydance would have been the reason.

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