Paramount and Skydance merge in $8 billion deal to support growth amidst industry changes

From Investing.com: 2024-07-08 00:13:44

Paramount Global has finalized a takeover offer from Skydance Media, with class A and B shareholders set to receive $23 and $15 per share respectively. The deal, valued at over $8 billion, includes a $4.2 billion investment from the Ellison Family and Redbird Capital, creating the new entity named New Paramount.

Skydance will acquire a majority stake in New Paramount, gaining access to Paramount’s assets and channels like Nickelodeon and Comedy Central. The merger aims to support Paramount’s growth amidst industry changes, according to Paramount Global chair Shari Redstone. The new entity will be headed by David Ellison as chairman and CEO, with Jeff Shell as president.



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