Paramount Global to merge with Skydance Media
July 8, 2024In a move that will no doubt stir the entertainment industry, the Ellison Family and RedBird Capital Partners are set to invest over $8 Billion into a restructured Paramount and are set to acquire National Amusements, Inc.
In the move announced Sunday, Skydance has entered into a definitive agreement with Paramount Global to form “New Paramount” and turn it into the “next-generation media nad technology leader which will include the acquisition of National Amusements which has the controlling share of ownership of Paramount. The new companie will be led by David Ellison, chairman & CEO; and Jeff Shell in the president’s role.
Shari Redstone, the chair of Paramount Global and chair, president and CEO of National Amusements, Inc. supports the move saying, “In 1987, my father, Sumner Redstone, acquired Viacom and began assembling and growing the business today known as Paramount Global.” She went on to say that given the changes in the industry this move will help fortify Paramount’s future and ensure content remains king.
Skydance and Paramount have worked together on such content for 15 years.
Locally, Paramount Global owns and operates CBS affiliate KDKA-TV (2; DT-25) and WPKD-TV (19; DT-11).
