Paramount Global will merge with Skydance Media, capping months of twist-and-turn negotiations and catapulting the storied entertainment company behind CBS, MTV and the “Top Gun” franchise into a new era.late Sunday, Skydance will acquire National Amusements, a holding company with a controlling stake in Paramount. National Amusements is led by Shari Redstone, the daughter of media mogul Sumner Redstone, who died in 2020.
The deal comes as Paramount has lost money in its attempt to establish itself in a competitive streaming market dominated by Netflix, Disney, and a few others. It has seen its market value drop by more than half since 2019, even as it has continued to steer blockbuster hits such as “Top Gun: Maverick” , the latest of several Paramount films starring Tom Cruise. Most recently the company has ventured into animation and sports content.
“Following extensive negotiations with Skydance, we believe this proposed transaction will position Paramount for success in a rapidly evolving industry landscape,” Phillips said a statement Monday.It’s possible that a new buyer could still swoop in and acquire Paramount, as the deal approved Monday allows for a 45-day “go-shop” period during which alternative proposals can be considered.