Paramount to merge with Skydance to create new $28B media, tech conglomerate

08 Jul 2024, 11:34 by Paul Godfrey · UPI

July 8 (UPI) -- Paramount Global, the owner of Paramount Pictures, CBS television, Comedy Central, Nickelodeon and MTV said Monday it had accepted a $8 billion takeover bid from U.S. independent film, animation and gaming production company Skydance.

A special committee of the Board of Directors of the NASDAQ-listed Paramount Global confirmed that after a six-month search for a buyer, it had unanimously approved a merger agreement between Paramount and Santa Monica, Calif.,-based Skydance Media, Paramount said in a news release.