Streaming: Paramount and Skydance agree on merger

Hollywood studio Paramount has a new owner after a long search. Film producer David Ellison is buying Paramount and its studio Skydance in a multi-stage deal that will cost a total of more than $8 billion in shares and debt repayments. The deal is set to result in a merger of Skydance and Paramount, with Ellison serving as CEO.

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Skydance and Paramount have been negotiating a potential merger for months. Meanwhile, it seemed like the talks had already failed: in early June, Paramount parent company National Amusements announced they had been unable to agree on a deal with Skydance.

“Critical time for the industry”

Now all parties were able to reach an agreement. Skydance boss David Ellison commented on the deal, saying, “This is a critical time for our industry.” “We are committed to strengthening Paramount with contemporary technology, new leadership and creative discipline to revitalize the company and enable future generations to prosper.” David Ellison is the son of Oracle co-founder Larry Ellison.

Paramount’s parent company National Amusements has been looking to sell traditional Hollywood studios for several months and is not only in talks with Skydance. Warner Bros. Discovery and investment firm RedBird Capital are also said to have shown interest in the company. Paramount wrote in a statementthe deal should be completed in the first half of 2025. The deal also includes the Paramount+ streaming service, which Paramount launches in Germany in late 2022.

“As Paramount’s longtime production partner, Skydance knows Paramount well and has a clear strategic vision and resources to take the company to its next stage of growth. We believe in Paramount and always will,” said former Paramount owner Shari Redstone.

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