Paramount Agrees to Tentative Merger With Skydance Media
July 7, 2024
A special committee of Paramount Global’s board reportedly has approved a $1.75 billion merger between Skydance Media and National Amusements, the parent of Paramount that owns 77% of the company’s stock and is headed by Shari Redstone, daughter of late company founder Sumner Redstone.
Under terms of the deal reported by numerous media outlets, Santa Monica, Calif.-based Skydance would merge with Paramount, whose assets include Paramount Pictures, CBS, Comedy Central, BET, Showtime and Paramount+ streaming platform.
A formal announcement of the deal could happen either late tonight or on July 8.
Consummation of the merger comes less than a month after a similar deal (which included all of Paramount Global) between Skydance, headed by David Ellison, and National Amusements, fell apart at the 11th hour after Redstone balked.
The new agreement is just between Skydance and National Amusements.
Paramount Global is currently headed by a trio of senior executives collectively known as the “Office of the CEO,” which includes CFO Naveen Chopra.
it would be great if the two companies would start by putting REAL NEWS NOT FAKE NEWS.