By Michelle F. Davis | Bloomberg
Independent film and TV producer Skydance Media has reached a preliminary agreement to buy Shari Redstone’s National Amusements Inc. and merge with Paramount Global, the parent of CBS and MTV, according to a person with knowledge of the matter.
National Amusements, the family company that controls Paramount, will refer the deal to a special committee of Paramount directors for review, said the person, who asked not to be identified discussing an agreement that hasn’t been announced.
The agreement followed the collapse of talks last month. The new accord includes a higher valuation for National Amusements and stronger language indemnifying the company against litigation that may result from the deal, the person said.
Paramount and Skydance, led by tech heir David Ellison, declined to comment. National Amusements didn’t respond to inquiries.
An agreement could be announced within days, the person said, though it’s still possible the deal could fall apart.
–With assistance from Hannah Miller and Thomas Buckley.