Paramount Global announced on Friday that its $8.4 billion merger with Skydance Media is set to close by August 7, following regulatory approval. Post-merger, the company will be renamed Paramount Skydance Corp, with Class B shares trading under the ticker PSKY.
Skydance CEO David Ellison will lead Paramount Skydance, overseeing Paramount Pictures, CBS, and various cable channels. Investors are pressing Ellison on the future of Paramount+, the company’s declining TV assets, and content spending, particularly on sports.
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| David Ellison |
Ellison, unavailable for comment, has previously outlined plans to enhance Paramount’s technology, revamp Paramount+, prioritize cash flow, and cut $2 billion in costs.
The FCC approved the deal on Thursday, shortly after Paramount settled a $16-million lawsuit from President Donald Trump over CBS’ editing of a 60 Minutes interview with Kamala Harris. The settlement sparked criticism, with the FCC’s Democratic dissenter in the 2-1 vote calling it a “cowardly capitulation” to Trump’s administration. The FCC maintained its review was independent.
The merger ends Shari Redstone’s control via National Amusements, relinquishing the media empire her father, Sumner Redstone, acquired in 1994.