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Paramount Global Approves $28 Billion Merger with Skydance Media, Ending Redstone Era

Jul 8, 2024, 04:56 AM

Paramount Global's board of directors has approved a merger with Skydance Media, ending months of negotiations. The deal, valued at $28 billion, will see David Ellison's Skydance Media taking control of Paramount, one of Hollywood's oldest studios. This merger marks the end of the Redstone family's control over Paramount, with Shari Redstone selling the family's stake in National Amusements. The transaction is expected to be formally announced on Monday, and Skydance investors will receive 317 million Class B shares. The merger is anticipated to close in the first half of 2025. Paramount, known for CBS and MTV, will have Jeff Shell as President under the new ownership.