The 2 media giants will be part of to kind “New Paramount.”
Paramount International and Skydance Media are merging. As introduced in the course of the flip of midnight on July seventh, Paramount and Skydance have reached a definitive settlement to kind “New Paramount,” a conglomerate that goals to “stabilize and strengthen” Paramount as a “world-class,” next-generation chief in media and expertise and is described as a “creative-driven vacation spot for storytellers devoted to delivering top-quality content material.” This merger is made attainable resulting from Skydance buying Nationwide Amusements, Inc., an organization 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 2 media giants purpose to finish the transaction within the first half of 2025.
New Paramount might be led by David Ellision (Skydance Media’s founder and CEO), who takes on the roles of Chairman and Chief Govt Officer, in addition to Jeff Shell (former NBCUniversal CEO), who will function President.Â
“This can be a defining and transformative time for our trade and the storytellers, content material creators and monetary stakeholders who’re invested within the Paramount legacy and the longevity of the leisure economic system,” Ellison stated. “I’m extremely grateful to Shari Redstone and her household who’ve agreed to entrust us with the chance to steer Paramount. We’re dedicated to energizing the enterprise and bolstering Paramount with modern expertise, new management and a inventive self-discipline that goals to counterpoint generations to come back.”
“In 1987, my father, Sumner Redstone, acquired Viacom and commenced assembling and rising the companies at this time often called Paramount International. He had a imaginative and prescient that ‘content material was king’ and was at all times dedicated to delivering nice content material for all audiences world wide,” Chair of Paramount International and Chair, President, and CEO of Nationwide Amusements, Inc. Shari Redstone stated. “That imaginative and prescient has remained on the core of Paramount’s success and our accomplishments are a direct results of the extremely gifted, inventive, and devoted people who work on the firm.
“Given the adjustments within the trade, we wish to fortify Paramount for the longer term whereas guaranteeing that content material stays king. Our hope is that the Skydance transaction will allow Paramount’s continued success on this quickly altering atmosphere. As a longtime manufacturing companion to Paramount, Skydance is aware of Paramount effectively and has a transparent strategic imaginative and prescient and the sources to take it to its subsequent stage of development. We imagine in Paramount and we at all times will.”
Paramount and Skydance will host an buyers’ name on Monday, July eighth at 8:30 AM ET to debate the transaction.
