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Paramount and Skydance have agreed to merge in a deal worth $4.75 billion.
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The merger will see David Ellison, the founder of Skydance, become the chairman and CEO of Paramount.
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The deal aims to strengthen Paramount’s position in the entertainment industry, particularly in the streaming market.
Paramount and Skydance have announced a merger agreement that will see the two companies combine their resources to create a stronger entity in the entertainment industry. The deal is worth $4.75 billion and will see David Ellison, the founder of Skydance, become the chairman and CEO of Paramount. The merger is seen as a strategic move to strengthen Paramount’s position in the streaming market, where it has been struggling to compete with other major players.
The deal will see Skydance acquire National Amusements, the company that holds the Redstone family’s voting stock in Paramount, for $1.75 billion. Paramount will also merge with Skydance, leaving the studio and its backers in charge of a media empire that includes film, TV, and news properties. The merger is expected to close in the next few months, subject to regulatory approval.
The merger is a significant development in the entertainment industry, as it brings together two major players in the film and TV production business. The deal is also seen as a testament to the growing importance of streaming services in the entertainment industry, as Paramount looks to strengthen its position in this market. With the merger, Paramount will gain access to Skydance’s expertise in film and TV production, as well as its resources and network.
