US media giant Paramount Global has finalized its merger with film studio business Skydance Media, with the pair joining forces under the Paramount name into one single $28 billion streaming, TV, and film enterprise.
The long-running transaction process closed on Thursday (August 7), with Skydance first acquiring the National Amusements firm, which owned the controlling stake (77%) in Paramount, for $2.4 billion, before executing an all-stock merger between Skydance and Paramount Global at a value of $8 billion.
Now under the moniker Paramount, a Skydance Corporation, the merged enterprises will combine their technology platforms and look to bring about “substantial efficiency and performance gains” according to Skydance co-founder and chief David Ellison.
Ellison, who has now assumed the roles of both chair and chief executive of the merged company, continued in an open letter: “With a deep understanding of the industry and a strategic approach to growth, we will stay grounded in creative excellence, embrace cutting-edge innovation, and continue delivering the entertainment, news, and sports experiences that connect with audiences worldwide.”
“my vision is to honor exceptional storytelling while modernizing how we make and deliver content.”
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