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On again: Skydance restarts talks to take control of Paramount Global

The two sides are said to have reached a tentative agreement with terms being sent for review to the special committee set up to evaluate offers for Paramount Global

In a deal that’s had more twists and turns than an average Formula 1 circuit, Skydance Media has reportedly submitted a new offer to buy National Amusements Inc., the company that controls 77 per cent of Paramount Global.

According to the Wall Street Journal, the two sides have reached a tentative agreement with terms being sent for review to the special committee set up to evaluate offers for Paramount Global.

The latest news comes just a few weeks after Shari Redstone, who owns National Amusements, ended talks with Skydance about a possible merger.

At the time, the company said it had not been able to “reach mutually acceptable terms regarding the potential transaction with Skydance Media for the acquisition of a controlling stake in NAI”.

It’s believed the new deal would see the Redstone family, which owns NAI, receive $1.75 billion, about $50 million more than the agreement that was nixed last month.

According to reports, the new deal includes a 45-day period in which Paramount and NAI can look for another bidder to match the Skydance terms.

Neither side has officially commented on the reports.