By It’s happening. David Ellison‘s Skydance Media has announced that they and its backers will invest $8 billion in a takeover of Paramount Global.
Following approval on Sunday morning from a special committee of Paramount’s board of directors, a subsequent vote from the full board OK’d the plan – ending seven months of long negotiations.
The deal consists of a two-step transaction – the acquisition of Shari Redstone’s National Amusements Inc. which controls almost 80% of Paramount voting shares, then a full merger. It will mark the first time CBS, Nickelodeon and Paramount Pictures have been in new hands since the 1980s.
Striking while the iron is hot, Skydance issued a press release saying it will: “reposition Paramount to improve profitability, foster stability and independence for creators, and enable more investment in faster growing digital platforms.”
Redstone herself says: “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.”
Ellison will serve as chairman and CEO, and former NBCUniversal chief Jeff Shell will lead the company as president. Due to regulatory approvals, the companies expect the deal to close in the first half of 2025.
Until then, the current ‘Office of the CEO’—consisting of executives Brian Robbins, George Cheeks, and Chris McCarthy—will continue operating business as usual until the transaction closes.
Source: Deadline
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