Skydance Media and Paramount Global have completed their long-planned $8.4bn merger.
The newly combined company is officially known as ‘Paramount, A Skydance Corporation’ and began trading on Thursday (August 7) on the Nasdaq stock market, under the ticker symbol PSKY.
The completion of the deal follows approval last month from the Federal Communications Commission (FCC).
Skydance’s two-step merger with Paramount, which involved first taking over its controlling shareholder, National Amusements, was backed by private equity firm RedBird Capital.
The combined entity is the parent company to a variety of media and entertainment assets, including CBS, Comedy Central, MTV, the UK’s Channel 5, streamer Paramount+ and the iconic movie studio.
Paramount is now under the control of CEO David Ellison, the son of billionaire Oracle co-founder Larry Ellison.
“Today marks an exciting and pivotal moment as we prepare to bring Paramount's legacy as a Hollywood institution into the future of entertainment. My vision is to honour exceptional storytelling while modernising 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," Ellison said in a statement.
Under Skydance, Paramount will be restructured into three divisions: studios, direct-to-consumer and TV media.
In an open letter released with the deal close, Ellison added: “Moving forward, we will work with conviction and optimism to transform Paramount into a tech-forward company that blends the creative heart of Hollywood with the innovative spirit of Silicon Valley. By harnessing cutting-edge technologies to serve great storytelling, we will unlock the company’s enormous potential.”
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