(Reuters) – Shari Redstone, the controlling shareholder of television giant Paramount Global, has reached a tentative agreement to sell her stake in the company to David Ellison's Skydance Media, Bloomberg News reported on Wednesday. , citing a person familiar with the matter.
Skydance is in exclusive negotiations with Paramount's independent board committee as part of a tentative agreement to acquire the Redstone family's holding company, National Amusements, the report added.
In January, people familiar with the matter told Reuters that Skydance Media CEO David Ellison, son of Oracle (NYSE:) co-founder Larry Ellison, was planning to sell National Amusements Inc. He said he is considering an all-cash acquisition.
National Amusements directly or indirectly owns 77% of Paramount's voting stock and controls Paramount's century-old movie studio and networks including CBS and MTV.
Spokespeople for Paramount, Skydance and media mogul Shari Redstone did not immediately respond to Reuters' requests for comment.