B&TB&TB&T
  • Advertising
  • Campaigns
  • Marketing
  • Media
  • Technology
  • Regulars
    • Agency Scorecards
    • Best of the Best
    • Campaigns of the Month
    • CMO Power List
    • CMOs to Watch
    • Culture Bites
    • Fast 10
    • New Business Winners
    • Spotlight on Sponsors
  • Jobs
  • Awards
    • 30 Under 30
    • B&T Awards
    • Cairns Crocodiles
    • Women In Media
    • Women Leading Tech
Search
Trending topics:
  • Cairns Crocodiles
  • Nine
  • Seven
  • Cannes Lions
  • State of Origin
  • WPP
  • NRL
  • AFL
  • B&T Women in Media
  • Pinterest
  • Thinkerbell
  • imaa
  • Anthony Albanese
  • Spotlight on Sponsors
  • Meta
  • EssenceMediaCom
  • Foxtel
  • TV Ratings
  • Radio Ratings
  • Sports Marketing

  • About
  • Contact
  • Editorial Guidelines
  • Privacy
  • Terms
  • Advertise
© 2025 B&T. The Misfits Media Company Pty Ltd.
Reading: Paramount Global & Skydance Agree To Merge
Share
B&TB&T
Subscribe
Search
  • Advertising
  • Campaigns
  • Marketing
  • Media
  • Technology
  • Regulars
    • Agency Scorecards
    • Best of the Best
    • Campaigns of the Month
    • CMO Power List
    • CMOs to Watch
    • Culture Bites
    • Fast 10
    • New Business Winners
    • Spotlight on Sponsors
  • Jobs
  • Awards
    • 30 Under 30
    • B&T Awards
    • Cairns Crocodiles
    • Women In Media
    • Women Leading Tech
Follow US
  • About
  • Contact
  • Editorial Guidelines
  • Privacy
  • Terms
  • Advertise
© 2025 B&T. The Misfits Media Company Pty Ltd.
B&T > Media > Paramount Global & Skydance Agree To Merge
Media

Paramount Global & Skydance Agree To Merge

Arvind Hickman
Published on: 8th July 2024 at 4:21 PM
Arvind Hickman
Share
4 Min Read
Paramount Pictures
SHARE

The Ellison family has agreed to acquire the business from Shari Redstone, heralding a new chapter for the fabled Hollywood production studio and its various businesses, including CBS, Paramount+ and Network Ten.

Skydance, which is owned by Tech scion David Ellison, will merge with Paramount Global after agreeing to buy the Redstone family’s controlling 77 per cent stake in the business.

The merger would combine one of Hollywood’s iconic production studios and global media empires with its commercial partner of 15 years. Paramount and Skydance have partnered on recent hit films including Top Gun: Maverick and Mission Impossible Dead Reckoning.

Once the acquisition of Paramount’s parent company, National Amusements, has completed, a new management team will be assembled to lead ‘New Paramount’. This will  include Ellison as chair and CEO, and RedBird Capital Partners chair and veteran media executive Jeff Shell as president.

The Ellison family and RedBird Capital Partners plan to invest more than $8 billion to acquire National Amusements, including an injection of $1.5 billion to shore up Paramount Global.

Paramount Global has shed nearly $17 billion ($A25 billion) in value since late 2019, as its traditional television business has eroded faster than its Paramount+ streaming service could turn a profit.

The plan is to create a “premier, creative-first destination for storytellers, dedicated to top-quality content and will be positioned to improve profitability, foster stability and independence for creators, and enable more investment in growth areas,” a statement announcing the deal said.  

It’s unclear what new ownership means for Paramount’s Australian businesses.

A protracted saga

The deal draws to a close a protracted saga by Paramount’s non-executive chair Shari Redstone to sell the family business that was built by her late father and media mogul, Sumner. 

Redstone had previously been pushing to sell  National Amusements to Skydance for months only to suddenly change her mind in June. Skydance went back to the negotiating table with an improved offer to seal the deal.

Redstone had also courted a number of other suitors throughout the sales process, including Seagram heir Edgar Bronfman and Hollywood producer Steven Paul.

The Slydance deal also removes some the ownership uncertainty that has swirled around the media empire and caused friction within its executive suites. In April, former CEO Bob Bakish – who was said to oppose a Skydance merger – was ousted after reportedly clashing with Redstone over the Skydance deal.

He was replaced by three co-CEOs –  George Cheeks, Chris McCarthy and Brian Robbins – who proposed making deep cuts of up to $500 million and potential selling off certain assets.

It is not yet clear if Skydance Media ownership would scupper these plans or what new ownership means for Paramount’s Australian subsidiaries, which declined to comment on the announcement.

“As a longtime production partner to Paramount, Skydance is well aware of what we have accomplished over the years and it is for that reason that they have pursued a combination with Paramount. They have a clear strategic vision for the future and the resources to build on Paramount Global’s competitive advantages to drive the Company’s success,” Shari Redstone said in a staff memo.  

“The agreement we entered into today is subject to closing conditions, and we expect the deal to be completed in the first half of 2025. Until then, George, Chris, and Brian will continue to lead the Company, and they will be sharing more with you shortly.”

Join more than 30,000 advertising industry experts
Get all the latest advertising and media news direct to your inbox from B&T.

No related posts.

TAGGED: Paramount
Share
Arvind Hickman
By Arvind Hickman
Follow:
Arvind writes about anything to do with media, advertising and stuff. He is the former media editor of Campaign in London and has worked across several trade titles closer to home. Earlier in his career, Arvind covered business, crime, politics and sport. When he isn’t grilling media types, Arvind is a keen photographer, cook, traveller, podcast tragic and sports fanatic (in particular Liverpool FC). During his heyday as an athlete, Arvind captained the Epping Heights PS Tunnel Ball team and was widely feared on the star jumping circuit.

Latest News

Cindy Rose Appointed WPP CEO
10/07/2025
Dame Lisa Carrington.
Zespri Teams Up With World Champion Kayaker Dame Lisa Carrington In Global Partnership
10/07/2025
Agency Scorecard: EssenceMediacom
10/07/2025
Agency Scorecard: It’s Friday
10/07/2025
//

B&T is Australia’s leading news publication magazine for the advertising, marketing, media and PR industries.

 

B&T is owned by parent company The Misfits Media Company Pty Ltd.

About B&T

  • About
  • Contact
  • Editorial Guidelines
  • Privacy
  • Terms
  • Advertise

Top Categories

  • Advertising
  • Campaigns
  • Marketing
  • Media
  • Opinion
  • Technology
  • TV Ratings

Sign Up for Our Newsletter



B&TB&T
Follow US
© 2025 B&T. The Misfits Media Company Pty Ltd. All Rights Reserved.
Welcome Back!

Sign in to your account

Register Lost your password?