Paramount on the Precipice

shari redstone
The Apollo/Sony offer basically confirmed what most people in Hollywood feared: Sony Pictures would take the lead and likely merge with Paramount, thereby reducing the number of legacy Hollywood studios down to four. Photo: Tasos Katopodis/Getty Images
Matthew Belloni
May 3, 2024

A good source told me tonight that the Paramount Global special committee evaluating sale options has decided not to extend the exclusive negotiation window with Skydance, which ends tomorrow night, because it wants to explore Sony Pictures and Apollo’s $26 billion bid that was finally revealed today. (Paramount and Skydance declined to comment; a rep for the special committee couldn’t be reached.) The committee could still change its mind tomorrow, but if the decision holds, that’s quite a development, given Shari Redstone, who controls the company, wants the Skydance deal. In fact, during negotiations, Redstone has made it clear she won’t entertain any offer that would break up her father’s empire, which the private equity-backed Sony bid would almost certainly do, thanks to regulatory concerns and other issues.