Shares up 2.2% premarket (Il Sole 24 Ore Radiocor) - New York, 08 Jul - Shares in Paramount Global were up more than 2% in premarket trading after the famous movie studio agreed to merge with Skydance Media.

"The Special Committee of the Board of Directors of Paramount Global today confirmed that it has unanimously approved a merger agreement between Paramount and Skydance Media," Paramount said yesterday in a statement.

The merger agreement includes a 45-day "go-shop" period, which permits the Special Committee and its representatives to actively solicit and consider alternative acquisition proposals, it said.

Under the deal, the buying consortium, which includes investment firms RedBird Capital Partners and KKR, will invest more than 8 billion dollars in Paramount and acquire National Amusements.

The transaction gives National Amusements an enterprise value of 2.4 billion dollars.

At 1300 GMT Paramount shares were up 2.2%.

AAA-Sje

(RADIOCOR) 08-07-24 15:18:56 (0427) 5 NNNN