Skydance Media has revised its bid to buy Paramount, allowing shareholders to cash out at a premium, the Wall Street Journal reported Sunday.
Citing sources familiar with the matter, the Journal reported Skydance’s sweetened proposal would value Paramount’s nonvoting shares at $15 each, a roughly 26% premium to Friday’s closing price of $11.91.
That would give nonvoting stakeholders an incentive to to cash out, while Skydance would buy Paramount Global PARA, +0.76% parent National Amusements and inject cash into Paramount’s balance sheet, according to the report. According to the Journal, the two sides are still negotiating and terms could change, or fall apart completely.
Reports of a deal for Paramount have been percolating for months, and Skydance is reportedly competing with a bid by Sony SONY, +1.92% and Apollo Global Management APO, -0.52%, though CNBC reported last month that Sony was rethinking its offer.
There has also been growing speculation that neither deal will come to fruition.
Paramount shares have slumped 19% year to date, compared to the S&P 500’s SPX 11% gain in 2024.