Paramount Global Merges with Skydance in $28 Billion Deal
Paramount Global, a prominent Hollywood company, has reached a merger agreement with the independent film studio Skydance, which will end its association with the Redstone family. Shari Redstone, Paramount’s chair and daughter of Sumner Redstone, who acquired the company in 1994, has approved the sale of the family’s controlling stake in Paramount. This company is known for producing classic films such as The Godfather, Titanic, and Breakfast at Tiffany’s, and owns the CBS television network along with channels like MTV, Nickelodeon, and the UK’s Channel 5.
The merger deal values Paramount at $28 billion (£22 billion) and concludes over six months of negotiations. As part of the agreement, Skydance will invest $8 billion into the new entity and will pay an additional $2.4 billion to acquire National Amusements, the Redstone-owned theater operator that holds nearly 80% of Paramount’s voting shares.
This agreement follows four years after Sumner Redstone’s death, who had led Viacom to purchase Paramount Pictures three decades ago for $10 billion. Although Shari Redstone halted advanced discussions with Skydance Media last month due to a lack of mutually acceptable terms, a preliminary deal was reportedly reached last week.
Skydance, led by producer David Ellison, son of Oracle co-founder Larry Ellison, assembled a group of investors to acquire National Amusements and merge with Paramount. The two companies have previously collaborated on significant releases like Top Gun: Maverick, Mission: Impossible – Dead Reckoning, and Star Trek Into Darkness.
The merger is supported by several private equity firms, including RedBird Capital Partners, which recently withdrew from a joint bid to acquire Telegraph Media Group due to new legislation complications.
Shari Redstone stated that the merger is aimed at fortifying Paramount for the future amid industry changes, emphasizing the importance of content. She expressed confidence in Skydance’s strategic vision and resources to drive Paramount’s growth.
David Ellison expressed gratitude to the Redstone family for the opportunity to lead Paramount and committed to revitalizing the business with contemporary technology, new leadership, and a focus on creativity for future generations.
Read More Createsnews: –
Harnessing Magneto’s Power in Fortnite: A Guide to the Magneto Power Item
Brooke Mueller: Custody Struggles, Addiction and the Matthew Perry Investigation
Complete Casting Announced for European Premiere of ‘Red Speedo’
Magali Benejam Corte Crowned Miss Universe Argentina 2024: A Night of Triumph and History