Skydance has announced the taking over of Paramount Global

Last Updated on July 11, 2024

The seven-month pursuit of the big studio merger has officially ended with Skydance announcing that they have closed the deal with an $8 billion investment. After deal negotiations would go back to the drawing board recently, Sunday saw the official announcement of David Ellison’s Skydance Media planting their flag atop the famous Paramount mountain. The merger was said to hit a slight snag around this time last month when it was reported both parties had “not been able to reach mutually acceptable terms regarding the potential transaction with Skydance Media for the acquisition of a controlling stake in NAI.” This statement followed multiple revisions to the draft for an official offer.

It was then said that the perceived next step was for the agreement to be reviewed under Paramount’s special committee of the board of directors. Now, Deadline reports that the special Paramount committee has given their approval for the deal to be sealed. The committee had agreed to go through with a “plan for a two-step transaction: first the acquisition of National Amusements Inc., the entity run by Shari Redstone that had controlled almost 80% of Paramount voting shares. That transaction will be followed by a full merger.”

In Sunday’s press release, Skydance said it will “reposition Paramount to improve profitability, foster stability and independence for creators, and enable more investment in faster growing digital platforms.”

Redstone stated, “In 1987, my father, Sumner Redstone, acquired Viacom and began assembling and growing the businesses today known as Paramount Global. He had a vision that ‘content was king’ and was always committed to delivering great content for all audiences around the world. That vision has remained at the core of Paramount’s success and our accomplishments are a direct result of the incredibly talented, creative, and dedicated individuals who work at the company. Given the changes in the industry, we want to fortify Paramount for the future while ensuring that content remains king. Our hope is that the Skydance transaction will enable Paramount’s continued success in this rapidly changing environment. 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. We believe in Paramount and we always will.”

The merger would bring many iconic entertainment franchises under one roof, including Star Trek, Harry Potter, Looney Tunes, Transformers, Mission: Impossible, DC, and more.