This post may contain affiliate links and we may earn a commission. Learn more

Paramount Global Agrees Merger Deal With Skydance Media

by

in
Paramount Logo

Paramount Global has officially agreed a merger deal with Skydance Media and its partners. The agreement seemingly, and finally, brings an end to months of speculation around the future of Paramount.

While Paramount and Skydance were initially thought to be about to agree a deal, last month Paramount suddenly pulled out at the last minute. At that time, the chance of a deal being agreed between the two companies appeared to be highly unlikely.

Over the past week, however, reports started to indicate that talks between the two had resumed and were rapidly moving forward. Today, Paramount officially confirmed a definitive agreement had been reached over National Amusements, the company which holds the controlling share stake in Paramount.

Given the changes in the industry, we want to fortify Paramount for the future while ensuring that content remains king. Our hope is that the Skydance transaction will enable Paramount’s continued success in this rapidly changing environment. As a longtime production partner to Paramount, Skydance knows Paramount well and has a clear strategic vision and the resources to take it to its next stage of growth. We believe in Paramount and we always will,” said Shari Redstone, Chair of Paramount Global and Chair, President, and CEO of National Amusements, Inc.

As a result of the agreement, Skydance and Paramount Global will eventually merge. This will also result in the formation of a “New Paramount” company led by David Ellison as Chairman and Chief Executive Officer, and Jeff Shell as President.

This is a defining and transformative time for our industry and the storytellers, content creators and financial stakeholders who are invested in the Paramount legacy and the longevity of the entertainment economy. I am incredibly grateful to Shari Redstone and her family who have agreed to entrust us with the opportunity to lead Paramount. We are committed to energizing the business and bolstering Paramount with contemporary technology, new leadership and a creative discipline that aims to enrich generations to come,” said David Ellison, Founder and Chief Executive Officer of Skydance.

According to the announcement, Skydance plans to “enhance and reinvigorate” the marquee Paramount and CBS brands, with the New Paramount set to become “a creative-driven destination for storytellers dedicated to delivering top-quality content.”

John Finn

Comments

0 responses to “Paramount Global Agrees Merger Deal With Skydance Media”

Leave a Reply

Streaming can be frustrating but please be respectful and avoid personal information. All comments are moderated according to our comment policy.

Sign up to the Streaming Better newsletter

Get our latest news and guides delivered to your mailbox.