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3h ago

Skydance Completes $8.4 Billion Merger to Launch Paramount, a Skydance Corporation

Ellison has outlined a three-division structure under a unified technology platform following a $16 million settlement to resolve regulatory challenges.

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

Overview

  • Skydance Media’s $8.4 billion merger with Paramount Global has closed; the new entity began trading on Nasdaq under the PSKY ticker.
  • David Ellison has taken over as chairman and CEO, with former NBCUniversal head Jeff Shell as president and George Cheeks appointed to chair the TV media division.
  • Paramount is reorganized into three divisions—studios, direct-to-consumer and TV media—with a pledge to achieve $2 billion in cost synergies and migrate operations to a single technology platform.
  • Regulatory approval followed the FCC’s July 24 decision after a $16 million settlement with President Trump and commitments to install an independent ombudsman for CBS News.
  • Larry Ellison, Skydance and RedBird Capital acquired Shari Redstone’s National Amusements stake, triggering a $1.75 billion cash payout to NAI shareholders and Redstone’s board exit.