Hollywood Studio Paramount Agrees to Merger with Skydance

(TheConservativeTimes.org) – Paramount Global, one of Hollywood’s most popular companies, has agreed to a merger with Skydance, an independent film studio, which would end their ties with the Redstone family.

Shari Redstone, the Paramount Chair, has approved the sale of the family’s controlling stake in the company, which was behind popular films like The Godfather, Breakfast at Tiffany’s, and the Titanic. Paramount also owns channels like MTV, the U.K.’s Channel 5, and Nickelodeon.

The deal ends six months of negotiations and puts the company value at twenty-eight billion dollars. Skydance will invest eight billion dollars into the new company as part of the deal, and then they will pay out over two billion dollars to buy National Amusements. National Amusements is a Redstone-owned theater movie operator that holds eighty percent of voting shares in Paramount.

Summer Redstone’s company Viacom bought Paramount Pictures three decades ago in a deal, and now, four years after Summer’s passing, they are making this deal with Skydance. Shari Redstone, the daughter of Summer, has been working with Skydance to come up with an agreement on the sale.

Paramount and Skydance have partnered before on multiple big releases, including Top Gun: Maverick and the most recent Mission Impossible.

Redstone came out with a statement regarding the changes in their business saying, “Given the changes in the industry, we want to fortify Paramount for the future while ensuring that content remains king. Our hope is that the Skydance transaction will enable Paramount’s continued success in this rapidly changing environment.”

They continued, “As a longtime production partner to Paramount, Skydance knows Paramount well and has a clear strategic vision and the resources to take it to its next stage of growth. We believe in Paramount and we always will.”

Producer David Ellison of Skydance put out a statement regarding the changes as well, saying: “I am incredibly grateful to Shari Redstone and her family who have agreed to entrust us with the opportunity to lead Paramount.”

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