Shari Redstone kills Skydance bid to buy her controlling stake in Paramount Global

Shari Redstone pulled the plug Tuesday on a deal to sell Paramount Global-parent National Amusements to Skydance Media — even as a special committee of the media giant’s board was expected to meet to vote on a merger proposal.

The media heiress walked away from a $1.7 billion offer from the David Ellison-led independent studio for Redstone’s 77% stake in her family-run business, the Wall Street Journal reported.

National Amusements confirmed the deal was dead, saying the company has “not been able to reach mutually acceptable terms, regarding the potential transaction with Skydance Media.” 

“NAI is grateful to Skydance for their months of work in pursuing this potential transaction and looks forward to the ongoing, successful production collaboration between Paramount and Skydance,” the rep said.

Shares of Paramount plunged nearly 8% shortly after news broke that the deal fell through.

NAI said the company “supports the recently announced strategic plan being executed by Paramount’s Office of the CEO.”