The two media giants will join to form “New Paramount.”
Paramount Global and Skydance Media are merging. As announced during the turn of midnight on July 7th, Paramount and Skydance have reached a definitive agreement to form “New Paramount,” a conglomerate that aims to “stabilize and strengthen” Paramount as a “world-class,” next-generation leader in media and technology and is described as a “creative-driven destination for storytellers dedicated to delivering top-quality content.” This merger is made possible due to Skydance acquiring National Amusements, Inc., a company that holds the controlling share stakes in Paramount. Paramount and Skydance’s merger is an all-stock transaction, one which values Skydance at $4.75 billion. The two media giants aim to complete the transaction in the first half of 2025.
New Paramount will be led by David Ellision (Skydance Media’s founder and CEO), who takes on the roles of Chairman and Chief Executive Officer, as well as Jeff Shell (former NBCUniversal CEO), who will serve 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,” Ellison said. “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.”
“In 1987, my father, Sumner Redstone, acquired Viacom and began assembling and growing the businesses today known as Paramount Global. He had a vision that ‘content was king’ and was always committed to delivering great content for all audiences around the world,” Chair of Paramount Global and Chair, President, and CEO of National Amusements, Inc. Shari Redstone said. “That vision has remained at the core of Paramount’s success and our accomplishments are a direct result of the incredibly talented, creative, and dedicated individuals who work at the company.
“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.”
Paramount and Skydance will host an investors’ call on Monday, July 8th at 8:30 AM ET to discuss the transaction.
