Entertainment
Hollywood studio Paramount completes $28 billion merger with Skydance | Paramount Pictures
Paramount Global, one of Hollywood's best-known companies, has agreed to merge with independent film studio Skydance in a deal that ends its ties to the Redstone family.
Paramount Chairman Shari Redstone, whose father Sumner bought the company in 1994, has given the green light to the sale of the family's majority stake in the company behind such classic films as The Godfather, Titanic and Breakfast at Tiffany's.
Paramount also owns the CBS television network and channels including MTV, Nickelodeon and Channel 5 in the UK.
The deal, which values the company at $28 billion (€22 billion), ends more than six months of negotiations.
Skydance has agreed to invest $8 billion in the new company as part of the merger deal. Skydance will then pay an additional $2.4 billion to buy National Amusements, the Redstone-owned movie theater operator that owns nearly 80 percent of Paramount's voting stock.
The deal comes four years after the death of Sumner Redstone, whose company Viacom bought Paramount Pictures three decades ago for $10 billion.
Shari Redstone ended advanced negotiations with Skydance Media last month. National Amusements, her company, said the two sides had failed to reach mutually acceptable terms.
Last week, however, Skydance and Redstone reportedly reached a preliminary agreement.
Skydance, the production group, is led by producer David Ellison, son of Larry Ellison, the tech mogul who co-founded Oracle. He assembled a consortium of investors to buy National Amusements and then merge with Paramount.
Paramount and Skydance have partnered on several recent major releases, including Top Gun: Maverick, Mission: Impossible Dead Reckoning and Star Trek Into Darkness.
The deal is backed by several private equity firms, including RedBird Capital Partners, which backed out of a joint bid with the UAE government to buy Telegraph Media Group in April, saying new legislation meant the acquisition was no longer feasible.
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Redstone said: Given the changes in the industry, we want to strengthen Paramount for the future while ensuring that content remains king.
We look forward to the Skydance transaction enabling Paramount to continue its success in this rapidly changing environment.
As a long-time production partner of Paramount, Skydance knows Paramount well and has a clear strategic vision and the resources to take it to its next stage of growth. We believe in Paramount and always will.
Ellison said: “I am incredibly grateful to Shari Redstone and her family for entrusting us with the opportunity to lead Paramount.”
We are committed to energizing the company and strengthening Paramount with contemporary technology, new leadership and creative discipline that aims to enrich generations to come.
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Sources 2/ https://www.theguardian.com/film/article/2024/jul/08/paramount-merger-skydance-redstone-cbs-mtv-nickelodeon The mention sources can contact us to remove/changing this article |
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