From CNBC: 2024-07-08 16:02:38

Paramount Global has agreed to merge with Skydance, with private equity firms RedBird Capital Partners and KKR investing over $8 billion into Paramount, acquiring National Amusements, and giving a total enterprise value of $2.4 billion. Shareholders will receive $23 per share, while founder David Ellison will become CEO of the combined company.

The Redstone family is stepping away from control of Paramount after a lengthy negotiation process. The deal includes Paramount becoming a new entity under Skydance, with Ellison as CEO and an investment of $1.5 billion into Paramount’s balance sheet. The merger is expected to close in the third quarter of 2025.

The agreement marks the end of the Redstones’ decades-long run in the media and entertainment industry. Paramount began deal discussions last year with potential buyers, including Warner Bros. Discovery. The deal with Skydance was reached after Redstone and Paramount navigated industry headwinds and a debt load of nearly $15 billion. Current management plans to explore strategic alternatives until the deal closes.



Read more at CNBC: Paramount agrees to merge with Skydance, ending Redstone era