Paramount Global, one of Hollywood’s oldest companies, is set to merge with Skydance Media in a landmark $28 billion deal. This merger signifies a major shift in the entertainment industry and will end the Redstone family’s control of Paramount.
As part of the agreement, Shari Redstone, the non-executive chair of Paramount, will sell her family’s controlling stake in the company, concluding an era that began with Sumner Redstone’s media empire.
Paramount Global encompasses a range of television networks, including CBS, Comedy Central, Nickelodeon, and MTV, and has a global reach of over 4.3 billion subscribers across more than 180 countries.
The merger will bring together Paramount’s rich legacy of classic films with Skydance’s recent successes, including collaborations on major releases such as “Top Gun: Maverick” and “Star Trek Into Darkness.”
Shari Redstone has expressed optimism about the merger, hoping it will ensure Paramount’s continued success in a rapidly changing entertainment landscape.
The merger comes after a period of significant challenges for Paramount, with its shares falling by more than 75% in the last five years. Skydance, owned by David Ellison, the son of Oracle founder Larry Ellison, has been in negotiations with Paramount for eight months.
This merger follows the departure of Paramount’s CEO, Bob Bakish, who left in April after disagreements with Redstone over the Skydance deal.
The merger is part of a broader transformation in the global entertainment industry, driven by the rise of video streaming.
