A full yr after Paramount‘s board authorized a deal for Paramount to merge with Skydance, that deal has lastly closed, and the $8 billion merger is formally full.
The deal had been delayed for months amid a standoff with the Trump administration, which sued “60 Minutes” and community CBS, accusing them of favorably modifying an interview with Kamala Harris. Paramount chairman Shari Redstone finally settled with the president for $16 million, shortly after paving the way in which for the FCC to approve the merger.
It means one of many oldest studios in Hollywood has thrilling new house owners in Skydance and David Ellison, who will turn into the brand new CEO and chairman of Paramount World. Ellison has vowed to marry Paramount — which owns Paramount Photos, CBS, Paramount+, Pluto TV, and cable channels like Nickelodeon, MTV, and BET — with Skydance’s monetary sources and tech advances.
Below Skydance, Paramount will probably be restructured into three divisions: studios, direct-to-consumer, and TV media.
Upon the deal’s shut on Thursday morning, Ellison, who will function Paramount chairman and CEO, launched an open letter concerning the merger and what to anticipate within the coming days, weeks, and months. The letter opens: “At the moment marks Day One among a brand new Paramount. With the shut of the transaction, we unite greater than a century of iconic storytelling with the ingenuity and drive of a 15‑year-old studio born within the digital period. I’m thrilled and honored to put in writing to you because the Chairman and CEO of Paramount, a Skydance Company, as — along with our Board, our new govt management workforce, and our colleagues world wide — we embark on the thrilling subsequent chapter of this legendary firm.”
Ellison goes on to put out a forward-thinking plan, noting that “the years forward will undoubtedly convey formidable challenges, however they may even usher in extraordinary alternatives. We stand on the threshold of a exceptional second — and our robust conviction is that this firm is poised to profit from the chances forward. As a result of when inventive excellence, slicing‑edge know-how, and disciplined stewardship meet, nice issues occur — on the display and on the stability sheet.”
As of at this time, the brand new Paramount senior management workforce is as follows (through Selection), with Ellison serving as CEO of Paramount and Jeff Shell (former CEO of NBCUniversal) on as president:
Andy Gordon, Chief Technique Officer and Chief Working Officer
George Cheeks, Chair of TV Media
Dana Goldberg, Co-Chair of Paramount Photos and Chair of Paramount Tv
Josh Greenstein, Co-Chair of Paramount Photos and Vice Chair of Platforms
Cindy Holland, Chair of Direct-to-Shopper
Stephanie Kyoko McKinnon, Common Counsel and Appearing Chief Authorized Officer
Jim Sterner, Chief Folks Officer
Melissa Zukerman, Chief Communications Officer
Andrew Warren will proceed as Interim CFO.
Don Granger, President, Movement Image Group
Kevin MacLellan, President, Worldwide and World Content material Distribution
Rebecca Mall, President, Cross Firm Initiatives, Franchise, and Company Advertising and marketing
Matt Thunell, President, Paramount Tv Studios
Kevin Creighton, EVP, Company Finance & Investor Relations
Tony Driscoll, EVP, Head of Company Technique & Improvement
Efrain Miron, EVP, Head of Content material Technique & Licensing, DTC
Jose Turkienicz, EVP, Head of World Operations
Laura Watson, EVP, Company and Government Communications
Jane Wiseman, EVP, Head of Originals, DTC
Skydance and Paramount collaborated on “High Gun: Maverick” and the “Mission: Not possible” franchise, and Skydance brings with it an animation division led by former Pixar head John Lasseter, a gaming division, and its personal cope with the NFL to pair with CBS’s sports activities rights. Whereas Skydance at all times appeared like the best choice for creators, it may nonetheless result in lots of modifications. The destiny of Paramount+ stays the largest query, in addition to Paramount’s legacy cable channels which have beforehand been up on the market.
At the moment’s deal closure brings to an finish the longest, most protracted, and hectic instance of M&A exercise in latest Hollywood reminiscence. Skydance at one level pulled out of an acquisition earlier than coming again in, different bidders emerged throughout a “go-shop” interval, as did lawsuits saying that Paramount didn’t pretty take into account different provides. The Trump lawsuit was the largest and final remaining hurdle, and although the lawsuit was deemed frivolous by many authorized specialists, it remained in limbo because the standoff continued till Redstone relented. And with the merger dragging out so long as it did, it threatened to be canceled solely — forcing Redstone to pay a kill payment to Skydance — if a deal wasn’t closed by October.