Overnight in the US, shares in media conglomerate Paramount Global (NASDAQ:PARA) lifted close to 8% after merger talks with Skydance Media resumed after the latter issued an improved offer.
Skydance, the independent studio created by David Ellison (son of Oracle's Larry Ellison), provided a rebuffed offer to attempt to secure the deal, months after Shari Redstone, who controls Paramount, ended the discussions abruptly, The Financial Times reports revealed.
A special committee at Paramount, comprising members of its board, has been tasked with reviewing the new offer. It comes weeks after the board initially leaned in favour of accepting the first Skydance bid, which was voided following Redstone's involvement.
In early June, it was revealed former Warner Music boss Edgar Bronfman Jr was working with private equity giant Bain Capital on a bid to buy Shari Redstone's National Amusements Inc, the movie theatre operator and owner of Paramount.
Reports said that Bronfman and Bain were mulling a possible offer of between $2 billion and $2.5 billion to buy National Amusements.