Skydance is merging with Paramount Pictures, marking several new changes in the Hollywood studio that will be felt for years to come.
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After months of negotiations, it was made official over the weekend that Skydance would finally be merging with Paramount Global. Skydance, which is owned by David Ellison, will purchase National Amusements, the majority shareholder in Paramount Global. This will give Skydance controlling interest in Paramount and all of its various brands including CBS, MTV, Nickelodeon, Paramount Plus, and more.
The deal had been previously agreed to several weeks ago, but then came to a mysterious end with Shari Redstone – the majority owner of National Amusements – apparently wanting to look around for another buyer. Although the deal appears to be done this time, there is still a 45-day “go-shop period” in the contract which will allow other offers to be entertained.
Even after that hurdle is cleared, the deal is not expected to close until the third quarter of 2025 after the FTC studies all of the possible regulatory issues with the deal.
Ellison has already expressed he is open to selling off portions of the company, which would more than likely start a fight once again for BET between various companies that want it.
One of the most important aspects of this deal is that Ellison is considered to be a “creative.” RedBird’s Jeff Shell said of the deal, “It’s been a long time since a creative executive ran one of the big Hollywood companies. And I think it’s really important when creative is the core.”
In a fairly surprising move, Ellison has stated he is standing behind Paramount Plus and plans to change its technology to make it a better experience for everyone. Investors and analysts have been calling for Paramount Plus to be shut down, but it appears that Ellison is committed to keeping it running.
At only 41-years-old, Ellison is the youngest studio head in the business now. He appears to be coming in with a laundry list of ideas, and it feels as though he will have the time and luxury to execute all of them.
IMAGE SOURCE: Shutterstock – Paramount Pictures – 4kclips
