Skydance’s Offer To Paramount In Jeopardy As Apollo And Sony Enter The Fray

• Skydance may withdraw offer for Paramount without firm commitment from Redstone.
• Apollo and Sony make new offer, sparking situation.
• Exclusivity window for Skydance-Paramount discussions ending soon, no extension.

EKO HOT BLOG reports that Skydance Media is considering withdrawing its offer for Paramount Global unless they receive a firm commitment from controlling shareholder Shari Redstone.

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This comes after Apollo Global Management and Sony Pictures made a new offer.

The exclusivity window for discussions between Skydance and Paramount is ending soon and won’t be extended.

Paramount shares rose following this report.

The Skydance consortium has been waiting for a response from Paramount’s special committee regarding their bid to acquire the company.

Now, with Apollo and Sony expressing interest in acquiring the company for about $26 billion, Skydance is looking for Redstone to reaffirm her commitment to the deal.

 

The Skydance consortium doesn’t want to be a stalking horse offer for Apollo and Sony, so they may walk away depending on Redstone’s response.

However, if Redstone shows her commitment, David Ellison from Skydance may still be willing to work with her.

 

Spokespeople for Skydance, Redstone’s National Amusements, and Paramount’s special committee declined to comment on this matter.

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Apollo and Sony made their latest offer on Thursday, and the special committee is currently considering it