Paramount Global to Merge with Skydance Media in Landmark $28 Billion Deal

Paramount Global, one of Hollywood’s most storied institutions, has reached a significant agreement to merge with independent film studio Skydance Media.

The Deal, valued at approximately $28 billion (£21.9 billion), signals a transformative shift for the entertainment giant and the end of an era for the Redstone family, longtime stewards of Paramount’s legacy.

Shari Redstone, Paramount’s non-executive chair, will divest her family’s controlling stake in the company through a complex transaction. Paramount, renowned for classics like “Chinatown” and “Breakfast at Tiffany’s,” and home to successful franchises such as “Star Trek” and “Mission: Impossible,” will integrate with Skydance Media, known for recent blockbusters like “Top Gun: Maverick” and “Star Trek Into Darkness.”

“This Skydance transaction aims to sustain Paramount’s success amid a rapidly evolving industry,” Ms. Redstone remarked in a statement, highlighting the merger’s strategic implications in the face of digital streaming transformations.

Skydance will infuse approximately $8 billion into Paramount, including a $2.4 billion acquisition of National Amusements, Paramount’s controlling entity. The Deal, expected to close by next summer, underscores Paramount Global’s efforts to navigate challenges in the entertainment landscape, where streaming services wield increasing influence.

Founded in 1914, Paramount Global’s expansive portfolio includes television networks CBS, Comedy Central, Nickelodeon, and MTV, collectively reaching over 4.3 billion subscribers globally. Despite recent financial struggles, Paramount remains a cornerstone of cinematic history, poised for rejuvenation through this landmark merger with Skydance Media.