Paramount Pictures looks like it’s going to merge with Skydance after all, as the aborted deal between the pair is resurrected.
Just a few weeks ago we covered the story that revealed that the planned merger between Paramount and Skydance had fallen apart.
Paramount Global – which includes the prestigious Paramount Pictures film studio – was all set to be purchased by frequent partner, Skydance. The latter has co-financed some of Paramount’s biggest hits over recent years such as the Mission: Impossible films and Top Gun: Maverick.
However, just when it seemed like a deal was all but done, Shari Redstone and those with a controlling stake in Paramount had a change of heart.
Of course, this left lots of question marks about the future of the company, not least Paramount Pictures. After all, we’ve seen one major film studio – 20th Century Fox – get swallowed up in recent years and with cinema operators often complaining that there aren’t enough films out there, the loss of another Hollywood studio could be a landmark moment in determining cinema’s cultural relevance moving forwards.
The Skydance deal is generally being seen as a way in which Paramount’s film division can be saved, perhaps even revitalised. But when that deal fell through, there were concerns that other offers – such as one from Sony and a capital investment group – wouldn’t safeguard Paramount’s independence in the same fashion.
Happily though, it seems like both parties have come back to the table and are willing to do a deal. The agreement appears to look a little different this time, with Reuters and other outlets reporting ‘that the under the tentative agreement, Skydance would pay $1.75 billion for National Amusements, which owns 77% of the voting shares of Paramount.’
That’s different to the $6bn sum we were hearing about before. But given that we don’t know the inner workings of the deal, who knows how much Skydance are actually paying.
It’s far from a done deal yet though as the agreement includes a 45-day window for Paramount to look at other offers. There are known to be other interested parties in the mix and this news will surely flush them out. We’ll bring you more on this one as we hear it.
