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Paramount’s exclusive window to negotiate a merger with Skydance has come to an end, opening up the possibility of other suitors for the studio, which owns MTV and Nickelodeon. Skydance, founded by tech scion David Ellison, now faces uncertainty as Paramount has decided not to extend the negotiation period.
Paramount’s special committee is set to meet on Saturday to discuss a potential deal with Sony Pictures Entertainment and Apollo Global Management, who have made a $26 billion bid for the company. However, there are concerns about foreign ownership restrictions due to Sony Pictures being a division of a Tokyo-based company.
Ultimately, the fate of Paramount lies in the hands of Shari Redstone, the company’s board chair and controlling shareholder. While a potential deal between Skydance and National Amusements has been discussed, it hinges on the approval of a merger with Paramount.
CNBC previously reported that Paramount was planning to end exclusive negotiations with Skydance, leaving the studio’s future uncertain.
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