Paramount Global and Skydance Media are merging. As announced during the turn of midnight on July 7th, Paramount and Skydance have reached a definitive agreement to form"New Paramount," a conglomerate that aims to"stabilize and strengthen" Paramount as a"world-class," next-generation leader in media and technology and is described as a"creative-driven destination for storytellers dedicated to delivering top-quality content.
New Paramount will be led by David Ellision , who takes on the roles of Chairman and Chief Executive Officer, as well as Jeff Shell , who will serve as President. "This is a defining and transformative time for our industry and the storytellers, content creators and financial stakeholders who are invested in the Paramount legacy and the longevity of the entertainment economy," Ellison said."I am incredibly grateful to Shari Redstone and her family who have agreed to entrust us with the opportunity to lead Paramount.
"In 1987, my father, Sumner Redstone, acquired Viacom and began assembling and growing the businesses today known as Paramount Global. He had a vision that 'content was king' and was always committed to delivering great content for all audiences around the world," Chair of Paramount Global and Chair, President, and CEO of National Amusements, Inc. Shari Redstone said.
Paramount and Skydance will host an investors' call on Monday, July 8th at 8:30 AM ET to discuss the transaction.
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