LOS ANGELES (Reuters) -Shares of Paramount Global jumped 6.5% on Wednesday after reports said Shari Redstone's National Amusements had reached a preliminary deal to sell its controlling interest in the storied media company to David Ellison's Skydance Media. Skydance would pay $1.75 billion for National Amusements, which owns 77% of the voting shares of Paramount, as per the tentative agreement, three sources familiar with the matter told Reuters on Tuesday.
IAC entered into nondisclosure agreements with National Amusements, Paramount's majority shareholder, sometime after the collapse of the Paramount-Skydance deal in June, NYT said, adding it is unclear how far along the talks have progressed. IAC said it does not comment on rumors or speculation, while Reuters could not immediately reach Redstone for comment.
Investors need to pay close attention to Paramount Group (PGRE) stock based on the movements in the options market lately.