By Dawn Chmielewski
(Reuters) -Skydance Media has made an attractive offer for Paramount Global, a person familiar with the matter said.
The new deal improves conditions for both categories of Paramount shareholders and brings in more money, said the source, who spoke on condition of anonymity. Specific details of the offer could not immediately be determined.
A spokesperson for a special committee of Paramount’s board created to review such offers declined to comment.
The Wall Street Journal first reported the improved offer.
Skydance initially proposed a complex transaction in which it would pay about $2 billion to acquire the Redstone family’s holding company, National Amusements, which controls 77% of Paramount’s voting stock.
Paramount would then acquire Skydance in an all-stock transaction worth approximately $5 billion. It then offered a $3 billion deal that involved a mix of stock buybacks and cash that could be used to pay down debt.
A rival bidder, Sony Pictures Entertainment, in partnership with Apollo Global Management, is also interested in acquiring the American media company.
(Reporting by Dawn Chmielewski in Los Angeles; Editing by Deepa Babington)
