A full year after Paramount‘s board approved a deal for Paramount to merge with Skydance, that deal has finally closed, and the $8 billion merger is officially complete.
The deal had been delayed for months amid a standoff with the Trump administration, which sued “60 Minutes” and network CBS, accusing them of favorably editing an interview with Kamala Harris. Paramount chairman Shari Redstone ultimately settled with the president for $16 million, shortly after paving the way for the FCC to approve the merger.
It means one of the oldest studios in Hollywood has exciting new owners in Skydance and David Ellison, who will become the new CEO and chairman of Paramount Global. Ellison has vowed to marry Paramount — which owns Paramount Pictures, CBS, Paramount+, Pluto TV, and cable channels like Nickelodeon, MTV, and BET — with Skydance’s financial resources and tech advances.
Under Skydance, Paramount will be restructured into three divisions: studios, direct-to-consumer, and TV media.
Upon the deal’s close on Thursday morning, Ellison, who will serve as Paramount chairman and CEO, released an open letter about the merger and what to expect in the coming days, weeks, and months. The letter opens: “Today marks Day One of a new Paramount. With the close of the transaction, we unite more than a century of iconic storytelling with the ingenuity and drive of a 15‑year-old studio born in the digital era. I am thrilled and honored to write to you as the Chairman and CEO of Paramount, a Skydance Corporation, as — together with our Board, our new executive leadership team, and our colleagues around the world — we embark on the exciting next chapter of this legendary company.”
Ellison goes on to lay out a forward-thinking plan, noting that “the years ahead will undoubtedly bring formidable challenges, but they will also usher in extraordinary opportunities. We stand at the threshold of a remarkable moment — and our strong conviction is that this company is poised to make the most of the possibilities ahead. Because when creative excellence, cutting‑edge technology, and disciplined stewardship meet, great things happen — on the screen and on the balance sheet.”
As of today, the new Paramount senior leadership team is as follows (via Variety), with Ellison serving as CEO of Paramount and Jeff Shell (former CEO of NBCUniversal) on as president:
Andy Gordon, Chief Strategy Officer and Chief Operating Officer
George Cheeks, Chair of TV Media
Dana Goldberg, Co-Chair of Paramount Pictures and Chair of Paramount Television
Josh Greenstein, Co-Chair of Paramount Pictures and Vice Chair of Platforms
Cindy Holland, Chair of Direct-to-Consumer
Stephanie Kyoko McKinnon, General Counsel and Acting Chief Legal Officer
Jim Sterner, Chief People Officer
Melissa Zukerman, Chief Communications Officer
Andrew Warren will continue as Interim CFO.
Don Granger, President, Motion Picture Group
Kevin MacLellan, President, International and Global Content Distribution
Rebecca Mall, President, Cross Company Initiatives, Franchise, and Corporate Marketing
Matt Thunell, President, Paramount Television Studios
Kevin Creighton, EVP, Corporate Finance & Investor Relations
Tony Driscoll, EVP, Head of Corporate Strategy & Development
Efrain Miron, EVP, Head of Content Strategy & Licensing, DTC
Jose Turkienicz, EVP, Head of Global Operations
Laura Watson, EVP, Corporate and Executive Communications
Jane Wiseman, EVP, Head of Originals, DTC
Skydance and Paramount collaborated on “Top Gun: Maverick” and the “Mission: Impossible” franchise, and Skydance brings with it an animation department led by former Pixar head John Lasseter, a gaming division, and its own deal with the NFL to pair with CBS’s sports rights. While Skydance always seemed like the best option for creators, it could still lead to a lot of changes. The fate of Paramount+ remains the biggest question, as well as Paramount’s legacy cable channels that have previously been up for sale.
Today’s deal closure brings to an end the longest, most protracted, and hectic example of M&A activity in recent Hollywood memory. Skydance at one point pulled out of an acquisition before coming back in, other bidders emerged during a “go-shop” period, as did lawsuits saying that Paramount did not fairly consider other offers. The Trump lawsuit was the biggest and last remaining hurdle, and though the lawsuit was deemed frivolous by many legal experts, it remained in limbo as the standoff continued until Redstone relented. And with the merger dragging out as long as it did, it threatened to be canceled entirely — forcing Redstone to pay a kill fee to Skydance — if a deal wasn’t closed by October.
