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yesterday

Skydance Finalizes $8 Billion Paramount Merger, Launches PSKY on Nasdaq

David Ellison will lead a three-unit restructuring under a unified technology system to achieve $2 billion in cost savings

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

Overview

  • The $8 billion merger between Skydance Media and Paramount Global closed on August 7, and the combined company began trading on Nasdaq under the symbol PSKY.
  • David Ellison assumed the roles of chairman and CEO with former NBCUniversal chief Jeff Shell appointed president.
  • The company has been reorganized into three core divisions—studios, direct-to-consumer and TV media—to streamline decision-making.
  • Regulatory approval required a $16 million settlement with President Trump over a CBS News lawsuit, the hiring of a CBS News ombudsman and the elimination of diversity, equity and inclusion programs.
  • Ellison plans to generate at least $2 billion in cost synergies by migrating all operations onto a single technology platform.