Paramount, Skydance reach tentative merger deal
Paramount’s parent company, National Amusements, has come to a tentative deal on a possible merger with media conglomerate Skydance.
Paramount had previously reportedly stopped talks with Skydance on a merger and news about talks crumbling came out mid-last month. However, according to a Tuesday report from CNBC, sources said that a preliminary deal which has been referred to a Paramount committee has come together. That deal is being reviewed and voted on by that committee, according to a source.
Paramount had been on the hunt for a potential buyer amid questions about its financial health from Wall Street and those watching the media industry. It also recently committed to cutting $500 billion from its budget.
With multiple brands, including CBS, MTV and Comedy Central, under its umbrella, Paramount is one of the most important players in the media field. However, alongside other media companies, it has faced challenges with linear broadcast viewership and the advertising market.
Paramount and National Amusements declined to comment. The Hill has reached out to Skydance.
Story was updated at 10:58 p.m. EDT