Proposed Merger of Skydance Media and Paramount Global

Paramount Global, after facing significant debt and competitive pressures in 2023, pursued several merger and acquisition opportunities that eventually led to a proposed three-way merger with Skydance Media and National Amusements. Originally entering discussions with Skydance before canceling talks on June 11, 2024, the companies resumed negotiations and reached a preliminary agreement on July 2, 2024, aimed at forming the new entity, tentatively named 'New Paramount'. Under the agreement, following regulatory approval, the transaction is expected to close in the first half of 2025, with Skydance Media CEO David Ellison assuming the roles of chairman and CEO, while Jeff Shell is set to be president.

Supplemental details from industry sources note that the deal, valued at around $8 billion, includes provisions for up to two automatic deadline extensions (each up to 90 days) beyond the original April 7, 2025 closing date. These extensions, along with pending regulatory and legal reviews—including scrutiny from the Federal Communications Commission and potential class action lawsuits—highlight the complexities involved in this high-profile merger, which also aims to position the new company to better compete against streaming giants and leverage technological innovations in media and entertainment.