Paramount Global directors evaluating a bid for the film and TV giant endorsed a takeover offer by independent producer David Ellison, according to people familiar with the situation, moving the storied Hollywood studio closer to a sale.

As part of a multi-step deal, Mr Ellison’s Skydance Media is offering to purchase Shari Redstone’s National Amusements Inc, the family company that holds a controlling stake in Paramount. Skydance then plans to merge with Paramount, offering more than $US3 billion ($4.5 billion) to that company’s other investors in the form of cash and debt repayment.

Bloomberg