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Reading: Merger deal between Paramount and Skydance marks the end of the Redstone era – News
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Gulf Press > Business > Merger deal between Paramount and Skydance marks the end of the Redstone era – News
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Merger deal between Paramount and Skydance marks the end of the Redstone era – News

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Last updated: 2024/07/08 at 5:11 PM
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Skydance Media and Paramount Global have recently announced a merger, marking a new era for one of Hollywood’s oldest studios. The deal involves Skydance acquiring National Amusements, the holding company of the Redstone family’s stake in Paramount, for $2.4 billion in cash. Following this, Skydance will merge with Paramount by offering $4.5 billion in cash or stock to shareholders and providing an additional $1.5 billion for Paramount’s balance sheet. This move has caused shares of the CBS broadcast network owner to rise more than 4% in trading.

The merger signifies a significant shift for Shari Redstone, who has been at the helm of the Redstone family’s media empire. The deal aims to fortify the future of Paramount while ensuring that content remains a key focus. The merger will bring together Paramount, known for classic films like “Chinatown” and “The Godfather,” with Skydance, which has been a financial partner on major recent films like “Top Gun: Maverick” and “Mission: Impossible-Dead Reckoning.” David Ellison, the founder of Skydance, will become the chairman and chief executive of the new Paramount, with Jeff Shell, the former chief executive of NBCUniversal, serving as the new president.

Paramount has faced challenges in recent years, losing billions in value as the traditional television business declined faster than its streaming service, Paramount+, could generate profits. There have been tensions within the executive team, leading to the ousting of former CEO Bob Bakish. Despite the challenges, Ellison has pledged to modernize Paramount’s technology and infrastructure, aiming to revitalize the business and enhance its offerings to cater to future generations.

The Paramount-Skydance deal faced initial roadblocks but ultimately came together after constructive discussions between Ellison and Redstone. The agreement involves Skydance merging with Paramount in an all-stock transaction, valuing Skydance at $4.75 billion and creating a company with an enterprise value of $28 billion. Investors are optimistic about the merger and hope that Skydance’s involvement will bring new opportunities and growth to the broader Paramount group.

Ellison and his financial backers, including the Ellison Family and Redbird Capital Partners, will pay $15 a share in cash or stock to Paramount’s non-voting Class B shareholders, representing a significant premium. Holders of the Class A voting stock will receive $23 a share in cash or stock, also at a premium. Once the transaction is complete, Skydance’s investor group will control a significant portion of the new Paramount’s voting shares. Additionally, the deal allows Paramount a 45-day window to consider better offers, leaving room for further developments in this evolving story.

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News Room July 8, 2024
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