David Ellison's Skydance seals the long-awaited merger with PARAMOUNT
David Ellison's Skydance Media acquires Paramount Global with an $8bn investment, ending a seven-month quest.
The CEO and other executives of Skydance and its lead backer RedBird Capital outlined their strategy during a nearly hour-long conference call with investors on 8 July 2024, following an announcement late Sunday and the approval of Paramount's board earlier in the day. As part of the two-step transaction, Skydance will acquire National Amusements from Shari Redstone, Paramount's majority shareholder, prior to a full merger.
The transaction is expected to be finalised in the third quarter of 2025, the companies announced. It marks the first time since the 1980s that gold-plated media assets such as CBS, Nickelodeon and Paramount Pictures have been placed in new hands. Redstone took the helm of Paramount after her late father, Sumner Redstone, built the company into a mainstay of the entertainment industry that has faltered in the streaming age.