Paramount and Skydance are officially merging. On Sunday, July 7, Paramount’s board approved the merger, clearing the way for David Ellison’s Skydance and RedBird Capital Partners to buy Paramount’s controlling shareholder National Amusements. The $8 billion deal includes $1.5 billion in cash to help reduce Paramount’s $14 billion debt. deadline,
Ellison is now CEO and chairman of Paramount Global, joined by former NBCUniversal boss Jeff Shell as president. RedBird CEO Jeff Zucker and Skydance creative chief Dana Goldberg will also take on key leadership roles.
“This is a defining and transformative time for our industry and for the storytellers, content creators and financial stakeholders who invest in the Paramount legacy,” Ellison said. “We are committed to energizing the business and strengthening Paramount with contemporary technology, new leadership and a creative discipline that aims to enrich Paramount for generations to come.”
Paramount Global chairwoman Shari Redstone reflected on her father Sumner Redstone’s legacy, emphasizing that “content was king.” She hoped the merger with Skydance would strengthen Paramount’s future, citing Skydance’s proven strategic vision and resources.
Paramount Global’s portfolio includes Paramount Pictures, CBS, Paramount+, Pluto TV, and cable channels such as Nickelodeon and MTV. This merger strengthens the successful collaboration between Paramount and Skydance, which has produced many hit films Top Gun: Maverick And this Impossible Goal series.
The merger still awaits regulatory approval and a 45-day period for potential counter-bids. The development culminates a tense period of M&A activity, during which National Amusements owner Shari Redstone previously backed out of an earlier deal with Skydance.
Skydance brings with it an animation department headed by former Pixar chief John Lasseter and a gaming department that will focus on Marvel and Star Wars The combined entity aims to leverage Skydance’s financial resources and technology combined with Paramount’s IP and film library to create a premier destination for storytellers.
