07 July 2024

Skydance-Paramount Merger Deal

After months of talks, Paramount Global and Skydance Media officially announced a deal to merge Sunday night.

Financial Times
43 minutes ago
Paramount agrees Skydance merger in end to Redstone era
Paramount agrees Skydance merger in end to Redstone era 

Shari Redstone Tells Paramount Employees Skydance ‘Has a Clear Strategic Vision for the Future’; Co-CEOs Say in Memo ‘It’s Business as Usual’ for Now

Cheeks, McCarthy and Robbins say they will continue carrying out their restructuring plan, including layoffs and asset sales

Variety
an hour ago
Shari Redstone, Paramount Co-CEOs on Skydance Deal: Read the Memos

Shari Redstone, non-executive chair of Paramount Global and its controlling shareholder through National Amusements Inc., addressed the pact in a memo to employees, as did the trio of co-CEOs currently leading the company: George Cheeks, president and CEO of CBS; Chris McCarthy, president and CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, president and CEO of Paramount Pictures and Nickelodeon. (Read the memos below.)

Yahoo
an hour ago
Paramount and Skydance just agreed to a takeover. But media's messiest deal isn't over yet.

In her memo, Redstone referred to her late father, Sumner Redstone, who assembled the pieces of what became Viacom and Paramount Global: 
“Our family has always been committed to continuing my Dad’s legacy and ensuring Paramount’s enduring success. Consistent with that, as the pace of change in the industry has continued to accelerate, it has been our responsibility to work with leadership to make changes in order to maintain our competitive position and fuel growth, thinking of both the near and longer term.”

The deal is expected to close in the first half of 2025 — and until then, the co-CEOs told employees in their own memo, “it’s business as usual.”
The current plan under Cheeks, McCarthy and Robbins includes layoffs and other measures aimed at achieving upwards of $500 million in annualized costs; selling assets to pay down debt; and pursuing a joint venture to scale up Paramount+ and accelerate its turn to profitability.
X
6 hours ago
Garth Franklin on X: "Paramount Directors Approve Skydance Deal https://t.co/YkIyBEYFXl https://t.co/A5TD5AgdQk" / X
The Hollywood Reporter
3 hours ago
Paramount Sold as Skydance Buys National Amusements from Redstones

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