Paramount, Skydance merger deal ends Redstone era

Source: Reuters

Paramount, Skydance merger deal ends Redstone era

Dawn Chmielewski
Updated Mon, Jul 8, 2024, 5:20 AM EDT4 min read

(Reuters) -Skydance Media and Paramount Global agreed to merge, the companies announced late on Sunday, scripting a new chapter for one of Hollywood's oldest studios.

The companies agreed to a two-step process in which Skydance and its deal partners will acquire National Amusements, which holds the Redstone family's controlling stake in Paramount, for $2.4 billion in cash.

Skydance will subsequently merge with Paramount, offering $4.5 billion in cash or stock to shareholders and providing an additional $1.5 billion for Paramount's balance sheet.

Shares of the CBS broadcast network owner rose more than 4% in trading before the bell.

The deal represents the end of an era for Shari Redstone, ...

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