Paramount and Skydance agree to terms of a merger deal

Paramount and Skydance have agreed to terms of a merger, CNBC's David Faber reported Monday. A Paramount special committee and the buying consortium — David Ellison's Skydance, backed by private equity firms RedBird Capital and KKR — agreed to the terms. The deal will not require a vote from the shareholders, which was part of the negotiations, Faber reported. In early May, Apollo and Sony formally expressed interest in acquiring Paramount for about $26 billion, CNBC previously reported. However, Redstone has favored a deal that would keep Paramount together, and Apollo and Sony planned to break up the company, CNBC previously reported.