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Paramount agrees to sweetened Skydance merger deal

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Skydance Media will invest $8 billion into Paramount Global after purchasing its parent company National Amusements. The deal should be completed in the first half of 2025.

Paramount Global has agreed to merge with Skydance Media in a deal that will see the joint enterprise, temporarily dubbed “New Paramount,” valued at approximately $28 billion. As part of the two-step agreement announced on Sunday, Paramount Chair Shari Redstone will sell National Amusements — which holds her family’s controlling stake in Paramount — for $2.4 billion.

As a longtime production partner to Paramount, Skydance knows Paramount well and has a clear strategic vision and the resources to take it to its next stage of growth.” Skydance founder David Ellison will become the new chairman and chief executive of Paramount, with former NBCUniversal chief executive Jeff Shell assigned as its new president. Ellison replaces former Paramount CEO Bob Bakish, who departed the company in April after reportedly clashing with Redstone over the Skydance deal.

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