In a surprising turn of events, Skydance Media is poised to take control of Paramount Global after months of speculation about the media giant’s future. The Wall Street Journal reports that Skydance will acquire National Amusements, the holding company owned by the Redstone family, which controls more than 70% of Paramount’s voting shares.
Bloomberg is also reporting that Paramount may finally sell BET Network, all its channels and streaming services for $1.6 billion. This sale would reportedly be to a group of buyers including the current BET CEO Scott Mills and Chinh Chu who runs the private equity firm CC Capital.
For almost a year now Paramount has been looking for buyers for BET but has yet to find an offer it likes.
The deal to sell Paramount is reportedly worth $1.75 billion and will give Skydance the reins of a media empire that includes CBS, Paramount+, BET, Nickelodeon, Pluto TV, and numerous other properties. Paramount and Skydance have a long history of working together on films like Top Gun: Maverick and the Mission: Impossible franchise.
The acquisition comes after earlier talks of a direct sale of Paramount to Skydance fell through. Instead, Skydance opted to purchase the controlling stake from the Redstone family, securing their dominance over the company.
While the deal appears to be in its final stages, the Redstone family has a 45–day window to explore other potential bidders. However, if no other offers emerge, Skydance will be able to buy Paramount in August 2024, pending regulatory approval.
No deal has been officially announced at this time.