Entertainment|Movie News
By Drew Bryant
July 9th, 2024, theloadoutblog.com
Today, it was announced that Skydance Media has gained control of Paramount in a deal worth $8 billion. Paramount owns a multitude of film and television studios, including Paramount+, CBS, and cable channels like Nickelodeon, MTV, and Comedy Central. Paramount’s extensive catalog of intellectual properties includes Star Trek, the Mission Impossible series, Top Gun, and SpongeBob SquarePants.
In the agreement, Skydance will invest about $8 billion into Paramount, including $2.4 billion for National Amusements, which controls the group. With this merger, a “New Paramount” will be born and valued at $28 billion. Skydance founder and CEO David Ellison will be the new CEO of the business. Skydance plans to “enhance and reinvigorate marquee Paramount and CBS brands” while improving profitability and investing in faster-growing digital platforms.
In a message to the press, Skydance also highlighted its video game sector, which includes two in-house developers and upcoming Marvel and Star Wars games. The company will be acquiring Marvel 1943: The Rise Of Hydra, helmed by Amy Henning from the Uncharted games. Henning is also working on a new Star Wars game.
This deal marks the end of Paramount Global, one of Hollywood’s oldest movie companies. Under the terms of the deal, Paramount’s non-executive chair Shari Redstone will sell her family’s controlling stake in the company.
In a statement, Shari Redstone said, “In 1987, my father, Sumner Redstone, acquired Viacom and began assembling and growing the businesses today known as Paramount Global. He had a vision that ‘content was king’ and was always committed to delivering great content for all audiences around the world. That vision has remained at the core of Paramount’s success and our accomplishments are a direct result of the incredibly talented, creative, and dedicated individuals who work at the company.
“Given the changes in the industry, we want to fortify Paramount for the future while ensuring that content remains king. Our hope is that the Skydance transaction will enable Paramount’s continued success in this rapidly changing environment. As a longtime production partner to 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 we always will.”
Paramount said it expects to close the deal by the summer of next year.