Shari Redstone Reportedly Reaches Preliminary Deal To Sell Its Stake In Paramount To Skydance Media

(RTTNews) - National Amusements, owned by Shari Redstone, has entered into a preliminary agreement to sell its majority stake in Paramount Global to Skydance Media, according to several media reports citing people familiar with the matter.

The agreement will undergo review by Paramount Global's special board committee. The deal with David Ellison's Skydance Media and Gerry Cardinale's RedBird Capital reportedly include a 45-day period during which Paramount and National Amusements can seek competing bids matching Skydance's terms.

PARA closed Tuesday's regular trading at $10.72 up $0.58 or 5.72%. In the after-hours trading, the stock further gained $0.85 or 7.93%.