We’ve been hearing rumours and seeing reports about this for a while now, but it is finally official. Paramount Global and Skydance Media has agreed to merge in a massive landmark deal that will lead to the creation of a “next-generation media and technology company” that is set to be dubbed New Paramount.
The deal is set to take place in two stages. The first will be the acquisition of National Amusements, which holds a controlling stake in Paramount, and then this will be followed by the merger of Skydance and Paramount Global.
This move will see Skydance’s financial resources, technological expertise, and operating skills matched up with the wealth of IP across film, TV, and video games that Paramount has at its disposal. In the press release, we’re told:
“New Paramount will be a premier, creative-first destination for storytellers, dedicated to top-quality content and will be positioned to improve profitability, foster stability and independence for creators, and enable more investment in growth areas. The transaction will stabilize and strengthen Paramount as a world-class media enterprise, with a focus on technological advancements, across multiple entertainment platforms including animation, gaming, film, sports, news and television.”
New Paramount will be headed up by David Ellison as chairman and CEO, with Jeff Shell taking on the duties of president.
The deal will see Skydance investing up to $6 billion into Paramount, and once it has been completed, New Paramount is said to be valued at around $28 billion.