Monday, July 8, 2024

Skydance Media to buy Paramount Global.

by Thinus Ferreira

Skydance Media of David Ellison, the son of Oracle founder Larry Ellison, has clinched a deal to buy Paramount Global with David Ellison who will become chairman and CEO while the former NBCUniversal CEO Jeff Shell will become Paramount Global president.

Jeff Shell abruptly left NBCUniversal last year when his inappropriate relationship with a female staffer was revealed. 

The "New Paramount" and Skydance merger deal is subject to American regulatory approval which will take several months to complete, with the deal expected to close in the first half of 2025.

Paramount Global has divisions like CBS, Paramount Pictures, the streaming service Paramount+ and TV channels ranging from BET, MTV, Comedy Central and Nickelodeon. 

It includes regional offices around the world like Paramount Africa with offices in South Africa and Nigeria running regionalised versions of its linear TV channels that carries localised  African content.

In a statement, Shari Redstone says "In 1987, my father, Sumner Redstone, acquired Viacom and began assembling and growing the businesses today known as Paramount Global. He had a vision that 'content was king' and was always committed to delivering great content for all audiences around the world".

"That vision has remained at the core of Paramount's success and our accomplishments are a direct result of the incredibly talented, creative, and dedicated individuals who work at the company. 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. 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."

David Ellison in the statement says "This is a defining and transformative time for our industry and the storytellers, content creators and financial stakeholders who are invested in the Paramount legacy and the longevity of the entertainment economy."

"I am incredibly grateful to Shari Redstone and her family who have agreed to entrust us with the opportunity to lead Paramount. We are committed to energizing the business and bolstering Paramount with contemporary technology, new leadership and a creative discipline that aims to enrich generations to come."