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3d ago

Skydance Closes $8 Billion Paramount Merger, Launches PSKY Under Ellison

The newly traded PSKY will pursue $2 billion in savings through a unified technology platform.

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The Paramount Studios in Los Angeles, California, US, on Tuesday, Aug. 27, 2024.

Overview

  • Skydance’s acquisition of Paramount Global finalized on August 7, and the merged company began trading on Nasdaq as PSKY with David Ellison as chairman and CEO and Jeff Shell as president.
  • Paramount’s operations have been reorganized into three divisions—studios, direct-to-consumer and TV media—to streamline decision-making and align creative and tech resources.
  • Federal Communications Commission approval followed a $16 million settlement with President Trump and the appointment of an independent ombudsman to address CBS News editorial concerns.
  • Ellison has set a target to exceed $2 billion in cost synergies by migrating all operations onto a single technology platform and optimizing labor, real estate and procurement.
  • Oracle co-founder Larry Ellison and RedBird Capital acquired the Redstone family’s controlling stake in National Amusements, leaving Shari Redstone with a $1.75 billion cash payout and no board seat.