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.
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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 to support the world's top creative talent, enhance experiences for audiences worldwide, and create sustainable value for our shareholders."
Shari Redstone, the former National Amusements chief who helmed Paramount, has been bought out and will not feature on the board of the new company.
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By GlobalDataAlongside Ellison, several Skydance personnel will lead the merged company, as will a slate of new hires.
Only one current Paramount executive, current co-chief executive George Cheeks, will remain on the post-merger executive team, serving as chair of the TV media business unit, which will include the CBS Sports linear broadcast networks.
Elsewhere, Paramount’s burgeoning DTC division, which grew strongly in the second quarter of the 2025 fiscal year, will be led by 18-year Netflix veteran Cindy Holland.
Direct-to-consumer and TV media are two of the three business segments that Paramount will now be structured into and focused around, with the third being film studios.
From a sports perspective, Paramount’s CBS Sports network holds rights to several major properties, including European club soccer’s UEFA Champions League, American football’s NFL, PGA Tour golf, and top-tier college sports. In 2024, it aired the most-watched NFL Super Bowl in history.
