Entertainment conglomerate Paramount will be merging with Skydance Media. The deal follows months of negotiations between Skydance and Paramount chairwoman Shari Redstone, whose family owns 77% of Paramount’s voting shares through their holding company National Amusements.
The production company Skydance was founded by David Ellison, the son of billionaire Oracle founder Larry Ellison, in 2006. Since 2009, the company has been co-producing and co-financing movies for Paramount. A powerhouse in the entertainment space, Paramount comprises the namesake movie and TV studios, streaming service and CBS.
On a call regarding the deal, Ellison referred to the combined company as New Paramount, which is valued at $28 billion USD. After regulatory approval, the deal is expected to close in late 2025. Upon closing, Ellison and RedBird Capital will invest $8 billion USD into New Paramount.
Ellison will serve as the CEO of New Paramount with Jeff Shell, the former CEO of NBCUniversal, as President.
