Proposed merger of Skydance Media and Paramount Global

Proposed merger of Skydance Media and Paramount Global
Logos of Skydance Media & Paramount Global before the merger.
Mock-up logo for the combined company shown at a Paramount investor event.[1]
InitiatorSkydance Media
TargetParamount Global
TypeMerger
Cost$8 billion
InitiatedJuly 7, 2024
The evolution of Paramount
1886Westinghouse Electric Corporation is founded as Westinghouse Electric & Manufacturing Company
1912Famous Players Film Company is founded
1913Lasky Feature Play Company is founded
1914Paramount Pictures is founded
1916Famous Players and Lasky merge as Famous Players–Lasky and acquire Paramount
1927Famous Players–Lasky renamed to Paramount Famous Lasky Corporation; CBS is founded with investment from Columbia Records
1929Paramount acquires 49% of CBS
1930Paramount Famous Lasky Corporation renamed to Paramount Publix Corporation
1932Paramount sells back its shares of CBS
1934Gulf+Western is founded as the Michigan Bumper Corporation
1935Paramount Publix Corporation renamed to Paramount Pictures
1936National Amusements is founded as Northeast Theater Corporation
1938CBS acquires Columbia Records
1950Desilu is founded and CBS distributes its television programs
1952CBS creates the CBS Television Film Sales division
1958CBS Television Film Sales renamed to CBS Films
1966Gulf+Western acquires Paramount
1967Gulf+Western acquires Desilu and renames it Paramount Television (now CBS Studios)
1968CBS Films renamed to CBS Enterprises
1970CBS Enterprises renamed to Viacom
1971Viacom is spun off from CBS
1987National Amusements acquires Viacom
1988CBS sells Columbia Records to Sony
1989Gulf+Western renamed to Paramount Communications
1994Viacom acquires Paramount Communications
1995Westinghouse acquires CBS
1997Westinghouse renamed to CBS Corporation
2000Viacom acquires UPN and CBS Corporation
2005Viacom splits into second CBS Corporation and Viacom
2006CBS Corporation shuts down UPN and replaces it with The CW
2017CBS Corporation sells CBS Radio to Entercom (now Audacy)
2019CBS Corporation and Viacom re-merge as ViacomCBS
2022ViacomCBS renamed to Paramount Global
2024Skydance Media and Paramount Global agree to merge

On July 7, 2024, American media companies Skydance Media and Paramount Global announced a definitive agreement to merge in a deal valued at $8 billion, forming a new entity known as "New Paramount". The agreement values the newly formed entity at approximately $28 billion.[2][3] The transaction is expected to close by September 2025.[4]

In 2024, after grappling with debt and striving to remain competitive in the entertainment industry, Paramount's parent company, National Amusements, explored potential merger and acquisition opportunities for Paramount Global. Numerous prominent companies, such as Sony Pictures, Warner Bros. Discovery, Apollo Global Management, Allen Media Group, and Skydance Media, have indicated their interest in exploring potential business partnerships or purchasing the company.[5] After first coming to a merger deal with Skydance, Paramount and Skydance canceled the proposed merger on June 11 due to unsatisfactory conversations. Following a break in the talks, Skydance was able to reach a preliminary agreement on July 2, 2024, to purchase National Amusements and combine it with Paramount Global to establish what is now known as "New Paramount".[6] After the merger closes, Skydance Media CEO David Ellison will become the chairman and CEO of the combined company.[7]

  1. ^ Vlessing, Etan (July 8, 2024). "Movie Theater Owners to "Look Closely" at New Paramount-Skydance Deal Terms". The Hollywood Reporter. Retrieved July 9, 2024.
  2. ^ Littleton, Cynthia (July 7, 2024). "David Ellison Set as Chairman-CEO, Jeff Shell as President of Paramount; Shari Redstone to Sell Family Empire to Skydance Media in $8 Billion Deal". Variety. Retrieved July 9, 2024.
  3. ^ Weatherbed, Jess (July 8, 2024). "Paramount agrees to sweetened Skydance merger deal". The Verge. Retrieved July 9, 2024.
  4. ^ "Paramount and Skydance merge, signaling end of a family reign in Hollywood and the rise of new power". AP News. July 8, 2024. Retrieved July 9, 2024.
  5. ^ Weprin, Alex (January 31, 2024). "Byron Allen Makes $14B Offer to Buy Paramount Global". The Hollywood Reporter. Retrieved July 9, 2024.
  6. ^ Media, Skydance (July 8, 2024). "Skydance Media and Paramount Global Sign Definitive Agreement to Advance Paramount as a World-Class Media and Technology Enterprise". GlobeNewswire News Room. Retrieved July 8, 2024.
  7. ^ Mullin, Benjamin (July 7, 2024). "Meet David Ellison, Paramount's Future Boss and Hollywood's Newest Mogul". The New York Times. ISSN 0362-4331. Retrieved July 9, 2024.

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