Skydance Media executives, led by CEO David Ellison, and other investors are discussing an “all-cash bid” to buy National Amusements, Paramount Global’s parent company, people familiar with the matter told The Wall Street Journal. National Amusements
Currently, Paramount Global is controlled by media executive Shari Redstone. Redstone also controls National Amusements, which owns 77% of Paramount’s voting shares.
The talks are still in early stages and could come to nothing. Warner Bros. Discovery is also interested in purchasing Paramount. Last month, Paramount Global CEO Bob Bakish and Warner Bros. Discovery CEO David Zaslav met to talk about a possible merger.
The talks between Ellison and Redstone are more “advanced,” according to the Journal.
Sources also said being able to merge Paramount with Skydance is a big part of the potential deal for investors.
If the companies were to merge, Skydance would control Paramount’s cable TV networks, which include Nickelodeon, Comedy Central, MTV, and multiple movie theaters.
The news comes as the entertainment industry navigates difficult times with cable viewership is declining and a majority of streamers struggling to achieve profitability. Paramount’s streaming service, Paramount+, is among the companies fighting to stay afloat.
Increasingly, companies are making consolidation deals and partnering up.
For example, earlier this week Showtime was rebranded as the Paramount+ with Showtime network. Now, seemingly any customer who subscribes to the new network will get Paramount+ as well as additional live Showtime channels.
Paramount and Skydance weren’t immediately available for comment.