Television and film studio Skydance Media officially completed its $8 billion merger with Paramount Global on Thursday, bringing to a close a year-long and turbulent process fraught with politically-influenced obstacles.
The deal was allowed to move forward after the Federal Communications Commission (FCC) gave its blessing to Paramount’s transfer of nearly two dozen local TV broadcast licenses to Skydance Media — a move that was only approved after Paramount settled a civil lawsuit brought by President Donald Trump over a news segment aired last year and once FCC Chairman Brendan Carr received assurances from Skydance executives that the combined company will curry favor to political conservatives.
Moving forward, Paramount will operate as a new company called “Paramount, a Skydance Corporation.” Paramount’s stock has been relaunched with a new ticker symbol, PSKY, reflecting the marriage of the two companies.
“Today marks an exciting and pivotal moment as we prepare to bring Paramount’s legacy as a Hollywood institution into the future of entertainment,” David Ellison, the CEO of Skydance Media who will serve in the same capacity at Paramount, said in a statement on Thursday. “My vision is to honor exceptional storytelling while modernizing how we make and deliver content to support the world’s top creative talent, enhance experiences for audiences worldwide and create sustainable value for our shareholders.”
He continued by emphasizing the opportunity that a unified Paramount and Skydance business will unlock, saying the companies will co-mingle traditional entertainment with modern production models.
“It is truly an honor and a privilege to help lead this iconic brand into its next chapter,” Ellison added. “With a deep understanding of the industry and a strategic approach to growth, we will stay grounded in creative excellence, embrace cutting-edge innovation and continue delivering the entertainment, news and sports experiences that connect with audiences worldwide.”
RedBird Capital, which has been a financial backer of Skydance since 2019, is a key investor in the new entity. Founder and Managing Partner Gerry Cardinale praised the merger as a unique opportunity to build on Paramount’s legacy with a performance-driven model.
“Our investment in Paramount and long-term partnership with the Ellison family reflects our deep conviction in the value of world-class intellectual property,” Cardinale said. “This is a transformative opportunity to embrace Paramount’s 113-year-old legacy and help transition it for today’s evolving technological landscape.”
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Read more:
- Paramount posts profitable Q2, streaming business earns $2.2 billion
- FCC approves Paramount Global’s merger with Skydance
- Paramount co-CEOs Chris McCarthy, Brian Robbins to depart company
- Skydance to bring “performance-based culture” to CBS News
- Skydance not involved in CBS decision to cancel Colbert’s Late Show, attorney says
