David Ellison’s Skydance Explores Deal for Paramount’s Parent, WSJ Says

Rob Golum, Bloomberg News

(Bloomberg) -- Skydance Media’s David Ellison is discussing an all-cash offer for National Amusements, the family-run company that controls Paramount Pictures and the CBS TV network, the Wall Street Journal reported.

As part of the deal being discussed, Skydance would merge with publicly traded Paramount Global, the newspaper reported, citing people familiar with the matter.

Paramount Global is controlled by Shari Redstone and her family’s National Amusements. Ellison is seeking financial help from other investors in Skydance, including his billionaire father, technology mogul Larry Ellison, according to the people. The talks are at an early stage and could fall apart, they said.

A sale of Paramount Global would mark the end of a long run for the Redstone family over a media empire that includes film and TV production, broadcasting, and a stable of cable channels such as Nickelodeon and MTV.

Spokespeople for Skydance and Paramount Global declined to comment on the report.

Talks between Ellison, Skydance’s chief executive officer, and Redstone, were reported a month ago.

Shares of Paramount were down fractionally to $14.18 at 2:43 p.m. in New York.