Apparently, that major Hollywood merger is back

The big picture

• Skydance Media and Paramount are in preliminary merger talks.
• The merger will follow an acquisition payment of $1.75 billion.
• A 45-day go-shop clause will give other bidders the opportunity to secure a better deal.

The Paramount merger saga appears to be finally coming to an end, with Skydance Media having finally won out. The Wall Street Journal, Shari RedstoneNational Amusements, the parent company of Paramount Global, has entered into a preliminary agreement with David EllisonParamount's banner will merge after receiving a $1.75 billion acquisition payment from Skydance. The deal will now be reviewed by Paramount's board of directors' special committee before it is finalized, though a 45-day go-shop clause built into the deal will allow other bidders to potentially step in and offer a better deal.

The deal marks the latest twist in Redstone's attempted sale, which became particularly notable in December when Paramount was initially in talks with Warner Bros. Discovery and David Zaslav Skydance eventually emerged as a contender to buy the entertainment giant, but negotiations fell apart in mid-June, shocking many in the industry at the time. While financials were never an issue with the two-step plan with Ellison, other stumbling blocks, like National Amusements’ insistence on a consent vote by all shareholders, were ultimately a bridge too far for Skydance. However, this new deal appears to resolve those issues, paving the way for the media company to now own a majority stake in Paramount Global once all is said and done.

Paramount shares have already jumped 8.6% on the news. This is exactly what Redstone and company were looking for, as previous reports have made it clear that he is keen to sell his NAI stock. Additionally, Paramount has been facing massive layoffs this year. However, this bidding war could only Tensions continue to mount as the go-shop arrangement leaves the door open to other parties who have expressed interest throughout this periodPresident of the IAC Barry Diller The group is reportedly considering an offer, while other potential buyers include Sony Pictures and Apollo Global Management, as well as the founder of Allen Media Group. Byron Allen could re-enter the fray. In the meantime, Paramount will continue to be run by co-CEOs Brian Robbins, Georges CheeksAnd Chris McCarthy.

Paramount and Skydance are a perfect partnership

Hollywood mergers are complicated, and it can take time for a satisfactory deal to finally come to fruition, such as with 20th Century Studios and Disney. Ultimately, however, a union between Skydance and Paramount made the most sense given their existing relationship. Since signing their first deal to co-finance and co-produce projects with the company in 2009, Sydance has remained a steady partner, working on franchises such as Terminator, Transformers, Impossible mission, Star Trek, Jack Ryanand much more. Most recently, their fingerprints were on 2023 Mission: Impossible – Dead Reckoning, Part 1 And Transformers: Rise of the BeastsThe merger will only deepen their relationship as Paramount enters a pivotal period, with big titles like Ridley Scott's Gladiator II and the anime Transformers 1 on the horizon.

There is still much to be clarified regarding Paramount. The company is in talks a partnership between Paramount+ and WBD Max The streamer and rumors have swirled that Paramount Global’s BET network is being considered for a potential sale. Stay tuned here to Collider for more on what’s in store for the company and Skydance post-merger.

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