Paramount agrees to merge with Skydance
Posted: Jul 08, 2024
- Paramount Global to merge with Skydance, Redstone family stepping away - $8 billion investment into Paramount, National Amusements acquired - RedBird Capital Partners and KKR are part of buying consortium - David Ellison will lead combined company as CEO, Jeff Shell as president - Deal subject to regulatory approval, 45-day go-shop period - Paramount shares trading at around $12 per share - Deal discussions started late last year, struggled due to debt and industry challenges - Skydance and Paramount inched closer to a deal in recent months - Stankey, McCarthy, and Robbins leading restructuring efforts - Other interested bidders include Barry Diller - Paramount Global has agreed to merge with Skydance, ending Redstone family control - Skydance founder David Ellison will lead the combined company as CEO - Deal includes private equity firms RedBird Capital Partners and KKR investing over $8 billion - Shareholders will receive cash or stock in the deal - Ellison plans to establish Paramount as a tech hybrid to meet evolving marketplace demands - Deal is subject to regulatory approval and expected to close in the third quarter of 2025.
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