David Ellison Forges New Agreement To Buy Paramount Holding Company National Amusements

Mogul David Ellison and his Skydance Media have reportedly put forth a second, ostensibly successful, offer to buy National Amusements, the company that controls 77% of Paramount Global.

Individuals with knowledge of the companies’ latest dealings say a tentative agreement has been made, with terms being sent for review to the special committee set up to evaluate offers for troubled Paramount.

News of the deal comes three weeks after National Amusements Inc. family boss Shari Redstone abruptly put a stop to an earlier agreement with Skydance.

Neither side has officially commented yet.

Amid the complicated, multistage deal, the Redstone family, which owns NAI, will reportedly receive $1.75 billion, about $50 million more than with the agreement the group shut down last month, in least in the initial stage of the pact.

NAI will also have the ability to solicit higher bids within a 45-day window. Investor groups led by the likes of Edgar Bronfman, Barry Diller and producer Steven Paul have shown interest in debt-troubled Paramount recently.

The Wall Street Journal was first Tuesday in reporting that Skydance and NAI were talking again.

Shares in Paramount Global have shot up around 7% in after-hours trading.