The companies agreed to a two-step process in which Skydance and its deal partners will acquire National Amusements for $2.4-billion in cash
agreed to merge, the companies announced late on Sunday, scripting a new chapter for one of Hollywood’s oldest studios.
The merger would combine Paramount, home of such classic films as “Chinatown”, “The Godfather” and “Breakfast at Tiffany’s”, with its financial partner on several major recent films, including “Top Gun: Maverick”, “Mission: Impossible-Dead Reckoning” and “Star Trek Into Darkness”. There has been tension in the executive suites. Its chief executive, Bob Bakish, was ousted in April after clashing with Redstone over the Skydance deal. He was replaced by a trio of executives who occupy the “office of the C.E.O.,” a group that has proposed making $500-million in cuts, selling off certain assets, and exploring a possible joint venture partner for Paramount+.
At that time, Skydance and its partners had reached an agreement to acquire National Amusements, which owns 77 per cent of the voting shares of Paramount. However, talks reached an impasse over other issues, including National Amusements’ request that the deal be approved by a majority of non-Redstone shareholders, a condition Skydance considered a non-starter.
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