Paramount to Merge with Skydance Media

Entertainment giant Paramount is set to merge with Skydance Media, creating a new media powerhouse valued at $28 billion USD. The deal comes after months of negotiations between Skydance founder David Ellison and Shari Redstone, chairwoman of Paramount and whose family controls a significant voting stake through National Amusements.

Founded in 2006 by David Ellison, son of Oracle founder Larry Ellison, Skydance has collaborated with Paramount on numerous films since 2009. This merger unites Skydance's production expertise with Paramount's vast entertainment portfolio, encompassing Paramount Pictures, television studios, the Paramount+ streaming service, and the prestigious CBS network.

In a conference call announcing the deal, Ellison referred to the merged entity as "New Paramount." The deal is expected to close in late 2025, pending regulatory approval. Following the merger, Ellison will take the helm as CEO of New Paramount, with former NBCUniversal CEO Jeff Shell serving as President. Additionally, a substantial $8 billion USD investment will be injected into New Paramount by Ellison and investment firm RedBird Capital.