It also signals the rise of a new power player, David Ellison, the founder of Skydance and son of billionaire Larry Ellison, the founder of the software company Oracle.
Shari Redstoneâs National Amusements has owned more than three-quarters of Paramountâs Class A voting shares through the estate of her late father, Sumner Redstone. She had battled to maintain control of the company that owns CBS, which is behind blockbuster films such as âTop Gunâ and âThe Godfather.â
Just weeks after turning down a similar agreement with Skydance, however, Redstone agreed to a deal on terms that had not changed much.
âGiven the changes in the industry, we want to fortify Paramount for the future while ensuring that content remains king,â said Redstone, who is chair of Paramount Global.
The new combined company is valued at around $28 billion. In connection with the proposed transaction, which is expected to close in September 2025 pending regulatory approval, a consortium led by the Ellison family and RedBird Capital will be investing $8 billion.
Skydance, based in Santa Monica, California, has helped produce some major Paramount hits in recent years, including Tom Cruise films like âTop Gun: Maverickâ and installments of the âMission Impossibleâ series.
Skydance was founded in 2010 by David Ellison and it quickly formed a production partnership with Paramount that same year. If the deal is approved, Ellison will become chairman and chief executive officer of whatâs being called New Paramount.
Ellison outlined the vision for New Paramount on a conference call about the transaction this week. In addition to doubling down on core competencies, notably with a âcreative firstâ approach, he stressed that the company needs to transition into a âtech hybridâ to stay competitive in todayâs evolving media landscape.
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