Skydance Media and Paramount Global are back in merger negotiations, according to multiple outlets, sending Paramount shares up more than 8% as the two companies re-enter the deal-making process following scuttled takeover talks last month.
Paramount shares jumped in after-hours trading after a strong day on the market. Photographer: Eric ... [+]
Skydance reached a tentative deal to buy Paramount’s parent firm, National Amusements, and merge with Paramount, according to The Wall Street Journal.
Paramount shares are up more than 8% in after-hours trading Tuesday, furthering a 5.7% jump in shares during trading hours that resulted in the conglomerate’s stock closing at $10.72.
The reigniting of merger talks continues a months-long deal-making saga between the two companies that appeared to end last month, after a Skydance offer of reportedly somewhere between $1.7 billion and $2.2 billion for National Amusements failed to go through and a window for exclusive negotiations between the two sides ended.
Paramount did not immediately respond to Forbes’ request for comment.
This is a developing story. Check back for updates.