Paramount Global jumps after agreement to merge with Skydance
** Shares of media giant Paramount Global PARA.O jump 4.6% to $12.35 premarket after agreement to merge with Skydance Media
** Skydance and deal partners to first acquire National Amusements, that holds the Redstone family's controlling stake in PARA, for $2.4 bln in cash
** Skydance to then merge with PARA, offering $4.5 bln in cash/stock to shareholders and adding an additional $1.5 bln to PARA's balance sheet
** PARA's Class A voting shareholders to receive $23/shr in either cash or stock, and non-voting Class B shareholders to receive $15/shr
** Premium for Class A shares is 28% as of July 1, while premium for lower-priced Class B shares is 48%
** Skydance to hold 100% of PARA's Class A shares PARAA.O and 69% of Class B shares after merger
** Separately, PARA co-CEOs said in a memo that co will continue job cuts, and divest some assets till the merger closes
** PARA shares down 20% YTD, till last close
Reporting by Purvi Agarwal in Bengaluru
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