Entertainment
Hollywood Icon Paramount Enters Merger Deal With Skydance Media
Paramount Global, one of Hollywood's oldest companies, has agreed to merge with independent film studio Skydance Media.
Under the deal, Paramount non-executive chairman Shari Redstone will sell her family's majority stake in the company in a complex transaction that will create a new business valued at about $28 billion ($21.9 billion).
It marks the end of an era for the Redstone family, whose late patriarch, Sumner Redstone, built a chain of drive-in theaters into a vast media empire.
In addition to Paramount, the group includes television networks CBS, Comedy Central, Nickelodeon and MTV.
“We look forward to the Skydance transaction enabling Paramount to continue its success in this rapidly changing environment,” Redstone said in a statement.
According to the company, its television channels have a global reach of more than 4.3 billion subscribers in over 180 countries.
The merger would reunite Paramount, home to classic films such as Chinatown and Breakfast at Tiffany's, with its financial partner on several recent major releases, including Top Gun: Maverick and Star Trek Into Darkness.
Under the deal, Skydance will invest about $8 billion in Paramount, including $2.4 billion for National Amusements, which controls the group.
National Amusements owns only 10% of the shares of the Paramount group, but holds nearly 80% of its voting rights.
Paramount said it hopes to close the deal by next summer.
Paramount Global's origins date back more than a century, with the founding of Paramount Pictures Corporation in 1914.
The studio has produced many successful films, including The Godfather, Star Trek and Mission: Impossible series.
But the entertainment giant has struggled over the past decade. Shares of Paramount Global have fallen more than 75% over the past five years.
Skydance is owned by David Ellison, the son of Larry Ellison, founder of American technology giant Oracle.
The announcement came after eight months of negotiations in which Redstone held talks with a number of potential partners, including Sony and private equity firm Apollo.
In April, Paramount Chief Executive Bob Bakish left the company after clashing with Ms. Redstone over the proposed Skydance deal.
The deal comes as the global entertainment industry is being transformed by the video streaming revolution.
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