Paramount Global and Skydance Media have finalised their long-negotiated merger in a deal valued at around US$8 billion. The newly combined company will be named ‘Paramount, A Skydance Corporation.’
It begins trading on the Nasdaq under the ticker PSKY, with David Ellison taking the role of chairman and CEO, and Jeff Shell named president.
The transaction follows the US Federal Communications Commission’s approval on 24 July, more than a year after the merger was first announced in July 2024.
The process included Skydance’s purchase of Shari Redstone’s controlling stake in National Amusements Inc., backed by private equity firm RedBird Capital.
“Our investment in Paramount and long-term partnership with the Ellison family reflects our deep conviction in the value of world-class intellectual property and the potential to unlock substantial growth,” said Gerry Cardinale, RedBird’s founder and managing partner.
Paramount, A Skydance Corporation CEO David Ellison
New structure and leadership
Under Skydance ownership, Paramount will operate across three core divisions: studios, direct-to-consumer, and TV media.
Paramount+ and Pluto TV will move to a unified technology platform from 2026, a step Ellison says will contribute to US$2 billion in cost synergies.
“I now have greater confidence in our ability to not only achieve, but meaningfully exceed, that figure,” he said.
George Cheeks, former CEO of CBS, will chair the TV media segment. Departing executives include Chris McCarthy, Brian Robbins, and Paramount Streaming CEO Tom Ryan. The company’s 10-member board will feature Oracle CEO Safra Catz and former Paramount Pictures chief Sherry Lansing.
“Today marks Day One of a new Paramount,” Ellison said. “Moving forward, we will work with conviction and optimism to transform Paramount into a tech-forward company that blends the creative heart of Hollywood with the innovative spirit of Silicon Valley.”
Paramount, A Skydance Corporation president Jeff Shell
Strategic focus and industry challenges
Ellison emphasised a long-term commitment to theatrical film production and the Paramount studio lot, while signalling a review of the TV portfolio.
“Our challenge is to reinvent our portfolio of brands for a non-linear world,” he wrote. “We plan to invest appropriately based on the future business opportunity, thereby maximising cash flow so we can reinvest in our growth businesses.”
Ellison described it as “truly an honour and a privilege to help lead this iconic brand into its next chapter,” adding, “Together, we have the opportunity not only to shape Paramount’s future, but also to play a meaningful role in where our industry is headed – and we can’t wait to get started.”