Paramount special committee meets to vote on Skydance deal, Bloomberg News reports

(Reuters) -A special committee of the board of Paramount Global is meeting on Tuesday to vote on whether to accept a proposal to merge with David Ellison’s Skydance Media, Bloomberg News reported, citing two people familiar with the matter.

The offer would see Shari Redstone sell her family’s controlling stake in Paramount to Ellison for $2.25 billion, according to the report.

One of the five special committee members had been objecting to the proposed offer, the report said.

As part of the transaction, Ellison and his partners, including RedBird Capital and KKR & Co, have agreed to provide $1.5 billion to pay down Paramount’s $14 billion in debt, Bloomberg News reported.

Paramount declined to comment.

(Reporting by Zaheer Kachwala in Bengaluru; Editing by Shounak Dasgupta)