Paramount not expected to reach deal with Skydance by 30-day deadline: report
NY Post
Paramount Global’s exclusive talks with Skydance Media are not likely to result in a deal, according to a report.
Paramount, home of Paramount Pictures, MTV and CBS, entered into a 30-day period of exclusive talks with Skydance, which has produced blockbusters for Paramount like “Mission: Impossible — Dead Reckoning,” and “Top Gun: Maverick.
The two companies will not likely strike a deal by May 3, which is when the exclusive window expires, CNBC’s David Faber said Wednesday.
“They are not going to have a deal done by then,” Faber said on the business network. “I don’t think the market expected that that would be the case. It’s going to take more time than that, and it may be more twists and turns from here.”
Faber added that Skydance, which is led by CEO David Ellison, son of Oracle co-founder Larry Ellison, believes there could be as much as $3 billion in cost-cutting in a possible combination with Paramount.
Paramount declined to comment. Skydance did not immediately return requests for comment.
