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David Ellison‘s Skydance Media has announced Sunday night that it and its backers will invest $8 billion in a takeover of Paramount Global, capping a seven-month quest.
The company had received approval earlier Sunday from a special committee of Paramount’s board of directors. The full board then OK’d the plan for a two-step transaction: first the acquisition of National Amusements Inc., the entity run by Shari Redstone that had controlled almost 80% of Paramount voting shares. That transaction will be followed by a full merger.
Paramount Class A stockholders will get $23 per share. Class B stockholders will get $15 per share in cash/stock election. The cash consideration available to public shareholders totals $4.5 billion.
Ellison will be chairman and CEO, and former NBCUniversal chief Jeff Shell will lead the company as president. Shell abruptly left NBCU last year after admitting to an inappropriate relationship with a woman at the company. After Bob Bakish’s ouster in April, three execs were installed in an “Office of the CEO” to run the company.
The deal is expected to close in the first half of 2025, the companies said. It will put gold-plated media assets including CBS, Nickelodeon and Paramount Pictures in new hands for the first time since the 1980s.
deadline.com
The company had received approval earlier Sunday from a special committee of Paramount’s board of directors. The full board then OK’d the plan for a two-step transaction: first the acquisition of National Amusements Inc., the entity run by Shari Redstone that had controlled almost 80% of Paramount voting shares. That transaction will be followed by a full merger.
Paramount Class A stockholders will get $23 per share. Class B stockholders will get $15 per share in cash/stock election. The cash consideration available to public shareholders totals $4.5 billion.
Ellison will be chairman and CEO, and former NBCUniversal chief Jeff Shell will lead the company as president. Shell abruptly left NBCU last year after admitting to an inappropriate relationship with a woman at the company. After Bob Bakish’s ouster in April, three execs were installed in an “Office of the CEO” to run the company.
The deal is expected to close in the first half of 2025, the companies said. It will put gold-plated media assets including CBS, Nickelodeon and Paramount Pictures in new hands for the first time since the 1980s.
Top Of The Mountain: David Ellison’s Skydance Taking Over Paramount After $8 Billion Investment
David Ellison's Skydance Media has announced an $8 billion deal to take over Paramount Global, capping a seven-month quest.
deadline.com
