Paramount’s special committee recommends Skydance deal to Shari Redstone: report

A special committee of Paramount Global’s board of directors reportedly agreed to recommend a $3 billion takeover bid from Skydance Media — possibly bringing to an end the months-long drama over the fate of the struggling entertainment giant.

Skydance — run by tech heir David Ellison, the son of billionaire Oracle co-founder Larry Ellison — has offered to acquire Shari Redstone’s National Amusements, Paramount’s parent company, for cash and then merge the Hollywood studio with his own shop, the Wall Street Journal reported Friday, citing people familiar with the matter.

Redstone has been weighing bids from several suitors and has not seen Skydance’s latest proposal, according to the Journal.

Skydance had offered the media heiress $2 billion for her 77% stake in National Amusements — which led to outcry from many of Paramount’s major investors that a merger would devalue their stock, as The Post previously reported.

Skydance, which is getting financial backing from RedBird Capital and KKR — reportedly sweetened its bid in recent days to appease Paramount’s voting and non-voting shareholders. It will now give $3 billion to that company’s other investors in the form of cash and debt repayment, Bloomberg reported.

A merger would give Skydance, which has partnered with Paramount to finance such hits as “Mission: Impossible – Dead Reckoning Part One” and “Top Gun: Maverick,” control over a treasure trove of movie classics including “The Godfather,” “Forrest Gump” and “Grease.”