Shares of Paramount Global surged as much as 9% after hours after reports emerged that controlling shareholder National Amusements had reached a preliminary deal with past suitor Skydance to sell its stake in the media company.
National Amusements is controlled by Shari Redstone, who abruptly called off the first, nearly completed deal between Skydance last month. Paramount has also seen interest from IAC's Barry Diller, as well as an effort from Apollo and Sony that apparently fizzled.Shari Redstone, president of National Amusements, speaks at the WSJ Tech Live conference in Laguna Beach, California, on Oct. 21, 2019.had reached a preliminary deal to acquire the media company's controlling shareholder, National Amusements, and thus control of Paramount.
A spokesperson for Paramount declined to comment. Representatives for Skydance and National Amusements, which is controlled by Redstone, did not immediately return a request for comment., which is tasked with reviewing bids for the company, the Journal reported citing people familiar with the matter. Other interested bids included a
Redstone abruptly ended negotiations between Skydance and National Amusements last month, just as the two sides were near the finish line. The winding deal process had already led to the departure of CEO Bob Bakish earlier this year, leaving in place a three-headed office of the CEO to run the company.