The tumultuous on-and-off negotiations between both parties has ended with a deal.
On Monday, July 8, National Amusements’ media conglomerate Paramount Global and Skydance Media of David Ellison mutually confirmed that the entities are finally joining forces.
The Paramount-Skydance merger will be conducted in two major steps.
First, Skydance will buy National Amusements, the company that controls Paramount Global and is owned by its chairwoman Shari Redstone, for US$2.4 billion (about Php 140 billion).
Following that, Skydance will then merge with Paramount Global — the entity which owns the namesake Paramount movie studio, streamer Paramount+, major American TV network CBS, MTV, Nickelodeon, Showtime, among others.
Skydance is said to be investing US$8 billion (Php 464 billion) into the business, which would help shed some of the US$14.6 billion (Php 846 billion) debt that Paramount has incurred over the years.
With this merger, Redstone will relinquish her seat to Skydance chief executive officer David Ellison.
Former NBC Universal executive Jeff Shell will also be on board in the “new Paramount” as president — replacing Bob Bakish, who left the company in April 2024 amid initial merger talks.
The deal between Paramount Global and Skydance Media is expected to close in the first half of 2025, subject to regulatory approval.
Although, the deal allows 45 days for other potential bidders to come forward with another offer, Paramount news division CBS News reported.
Paramount Global was originally launched in 2019 as ViacomCBS, which was itself a result of the re-merger between National Amusements’ media companies Viacom and CBS Corporation, which stemmed from a single Viacom before splitting up in 2006.
Meanwhile, Skydance Media was formed in 2006 and is behind blockbuster hits ‘Mission Impossible: Ghost Protocol,’ ‘G.I. Joe: Retaliation,’ and ‘Top Gun: Maverick,’ among others.