(Reuters) – The Redstone family and Skydance Media CEO David Ellison have both made concessions to make a potential change in control of Paramount Global more attractive to the company’s other investors, Bloomberg News reported on Sunday.
Paramount is currently engaged in exclusive negotiations with Skydance Media, an independent studio led by Ellison, although some investors have urged Paramount to explore other options.
Ellison is offering to buy a block of Paramount stock at a premium to help improve Paramount’s finances, the report said, citing a person familiar with the negotiations.
He is also in talks with an independent committee of Paramount directors about a possible deal, the report added.
The Redstones, who own the majority of Paramount’s voting shares, agreed to let non-voting shareholders have a say in approving a deal with Skydance, according to the report.
Sony Pictures Entertainment and Apollo Global Management are also discussing a joint bid for Paramount, Reuters reported earlier in April.
Paramount and Skydance did not immediately respond to Reuters’ request for comment.
(Reporting by Chandni Shah in Bangalore; Editing by Rashmi Aich)
