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Skydance Media is expected to offer investors Paramount Global (NASDAQ: STEAM) shares with voting rights.
The offer will be made to investors other than members of the Redstone family, which holds a majority of the voting shares, according to Bloomberg Report on Monday, citing people familiar with the matter.
The update comes after reports on Sunday that Skydance’s latest offering allows for the purchase of a specified number of non-voting Paramount shares for about $15 each.
Earlier on Monday, CNBC’s David Faber reported that Skydance Media is close to announcing a deal to acquire Paramount (PARA), with the deal only requiring Shari Redstone to agree to the deal.
Under the proposed deal, Redstone will receive $2 billion from National Amusements, according to Faber. Skydance will bid for 50% of the Series B shares at $15 each. Investors will contribute $1.5 billion in cash to Paramount’s balance sheet. Skydance-RedBird will own a two-thirds interest in Paramount upon closing. Skydance and RedBird’s equity is expected to total $8 billion.
