(Reuters) – The Redstone family and Skydance Media CEO David Ellison have made concessions to make a potential change of control at Paramount Global more attractive to the company’s other investors, Bloomberg News reported on Sunday.
Paramount is currently negotiating an exclusive deal with Skydance Media, the independent studio led by Ellison, although some investors are urging Paramount to explore other options.
Ellison is offering to buy a stake in Paramount at a premium to help improve Paramount’s financial position, the report said, citing a person familiar with the negotiations.
He also held discussions with Paramount’s independent committee of directors about a possible deal, the report said.
According to the report, the Redstones, which own a majority of Paramount’s voting shares, agreed to give non-voting shareholders the right to vote on approval of the Skydance deal.
Sony (NYSE:) Pictures Entertainment and Apollo Global Management (NYSE:) are also discussing a joint bid for Paramount, Reuters reported earlier in April.
Paramount and Skydance did not immediately respond to Reuters requests for comment.