Paramount Global and Skydance Media are making progress on a deal that would merge the media companies and buy out controlling shareholder Shari Redstone.
The entertainment company will be valued at around $5 billion and merged with Paramount Global, said the people, who asked not to be named because the discussions are private.
Three of the people said that Paramount Global was slow to open a data room to the Skydance consortium, which has slightly pushed back the timeline on a deal.
Skydance plans to name Ellison as CEO of Paramount Global and former NBCUniversal CEO Jeff Shell as the president, said two of the people.
Spokespeople for Apollo, the Paramount Global special committee, Paramount Global, and Skydance's consortium declined to comment.
Persons:
National Amusements Shari Redstone, Shari Redstone, David Ellison's Skydance, Ellison, Jeff Shell, Bob Bakish, hasn't, Spokespeople
Organizations:
National Amusements, Allen, Co, Sun, Paramount Global, Skydance, Paramount, KKR, RedBird Capital Partners, Sony, Apollo
Locations:
Sun Valley , Idaho