Official announcements from regulatory bodies or press releases from Skydance Media or Paramount

David Ellison's Skydance to Acquire Paramount, Owner of CBS, in $8 Billion Deal

Jul 8, 2024, 05:03 PM

David Ellison is set to acquire Paramount Global, the owner of MTV, BET, and CBS, through a merger with his company, Skydance Media. This move comes after a special committee of Paramount's board approved the merger. The deal, valued at $8 billion, will see Ellison become Chairman-CEO and Jeff Shell as President of the new entity, dubbed 'New Paramount'. Shari Redstone has agreed to sell her family empire, including National Amusements, to Skydance Media. The merger aims to transform Paramount into a tech hybrid, with a $1.5 billion cash infusion to attract creatives and $2 billion in cost cuts, primarily from linear media operations. The new entity is valued at $28 billion, with a revenue forecast of $33 billion for 2025. The financing for the deal includes $6 billion from Larry Ellison, founder of Oracle, and $2 billion from RedBird Capital Partners.