Paramount and Skydance inch closer to a merger as key hurdle looms, sources say

Key Facts

Paramount Global and Skydance Media are making progress on a deal that would merge the media companies and buy out controlling shareholder Shari Redstone, according to people familiar with the matter.
Paramount Global’s special committee, in charge of accepting or rejecting transactions, and David Ellison’s Skydance Media, backed by private equity firms KKR and RedBird Capital Partners, are narrowing in on how to value Skydance’s assets as part of a merger, as well as how much equity to add to the company as part of a recapitalization, the people told CNBC.
Three of the people said that Paramount Global was slow to provide data during due diligence to the Skydance consortium, which has slightly pushed back the timeline on a deal.
Separately, private equity firm Apollo Global Management and Sony have held preliminary discussions about teaming up for a deal that would buy out all Paramount Global shareholders at a premium, according to people familiar with the matter.