*Tyler Perry is endorsing the Hollywood studio merger between David Ellison’s Skydance Media and Paramount Global.
According to The Dallies, Paramount has agreed to merge with independent film studio Skydance Media, creating a group worth $28 billion, Money Week reports. Per The Dallies, “The deal comes with a 45-day “go-shop” period. If Paramount finds a better deal, they can bail – but breaking up is hard (and expensive) to do. Walking away would cost Paramount a whopping $400M breakup fee.”
“If the Company is engaged in the aforementioned activities with any third parties that contacted the Company and made an alternative acquisition proposal during the go-shop period that the Company Special Committee has determined in good faith is or would reasonably be expected to lead to a Superior Proposal … then the Company may, prior to the No-Shop Period Start Date, extend the go-shop period and the No-Shop Period Start Date until September 5, 2024, in order to continue to engage in such activities with such third parties upon written notice to Skydance.”
Earlier this month, it was reported that Paramount is in talks to sell BET for $1.6 billion to $1.7 billion to a group of buyers, including BET CEO Scott Mills and CC Capital founder Chinh Chu.
According to Bloomberg, Paramount Global’s co-CEOs hired bankers to explore selling certain assets, including BET. The BET Media Group comprises the BET cable channel, VH1 and other networks; the BET+ streaming service; and BET Studios.
The reported price range for BET is less than half of the $3.5 billion offer media mogul Byron Allen made to Paramount Global in late 2023. Previous bidders included Tyler Perry and Sean “Diddy” Combs.
Perry inked a new multi-year deal with BET Media Group earlier this year. The agreement includes renewing eight of his shows for the network and its streaming platform BET+. Additionally, the network commissioned a new scripted series from Perry, “Route 187. According to Variety, the project is a drama about violence on a bus route.
During the recent New York premiere of his latest film, “Divorce in the Black,” Perry commented on the studio marriage of Skydance Media with Paramount Global. He told Variety, “I’m really excited about this next chapter.”
The reported deal will see Ellison become chairman and CEO of Paramount while former NBCUniversal CEO Jeff Shell will serve as president.
“I’m a huge fan of Scott and if this is a deal that he can work out and make happen, I’m 100% supportive,” Perry said. “Between Shari Redstone and him, they’re the reason that I’m here. They’ve been fantastic to work with. I love working with Scott every day, and I will continue to work with him wherever in whatever capacity he is in.”
Tyler Perry’s “Divorce in the Black” premieres July 11 on Amazon Prime Video.
READ MORE FROM EURWEB.COM: Tyler Perry Signs Multi-Year Deal with BET, Announces New Series ‘Route 187’
