By Dawn Chmielewski
(Reuters) – technology entrepreneur David Ellison moved a step closer to gaining control of Paramount Global after a special committee voted on Sunday to support a merger with Skydance Media, a source familiar with the deal told Reuters.
Paramount's full board, including its non-executive chairwoman, Shari Redstone, is expected to approve the deal imminently, the source said.
The vote comes on the heels of a preliminary agreement reached last week to sell National Amusements, which owns a majority stake in Paramount, to Ellison and his partners.
The final agreement could be announced as early as Monday.
The proposed merger would combine Paramount, with its namesake film studio and television networks CBS, MTV and Nickelodeon, with its financial partner in several major motion picture releases, including “Top Gun: Maverick,” “Mission: Impossible – Dead Reckoning” and “Star Trek Into Darkness.”
The deal comes weeks after Redstone abruptly called off negotiations with Skydance on June 11.
Skydance sweetened its offer for the family holding company, National Amusements, which controls 77 percent of Paramount's voting stock. The new offer would net the Redstone family $1.75 billion, one of the people said. It also enhanced legal protections against potential shareholder lawsuits, the person said.
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