Former NBCUniversal Jeff Shell will be the president of the management team of New Paramount, led by David Ellison as Chairman and Chief Executive Officer
Skydance Media and Paramount Global announced that they have entered into a definitive agreement to form New Paramount – a next-generation media and technology leader, through a two-step transaction including the acquisition of National Amusements, Inc., which holds the controlling share stake in Paramount, and subsequently a merger of Skydance and Paramount Global.
The transaction combines the Skydance Investor Group’s financial resources, deep operating experience, and expertise in cutting-edge technology with Paramount’s iconic IP, deep film and television library, proven hit-making capabilities, and linear and streaming platforms that reach millions of viewers.
THE NEW PARAMOUNT
New Paramount will be a premier, creative-first destination for storytellers, dedicated to top-quality content and will be positioned to improve profitability, foster stability and independence for creators, and enable more investment in growth areas. The transaction will stabilize and strengthen Paramount as a world-class media enterprise, with a focus on technological advancements, across multiple entertainment platforms including animation, gaming, film, sports, news and television.
The management team of New Paramount, led by David Ellison as Chairman and Chief Executive Officer and Jeff Shell as president, will draw on a wealth of operational experience and proven expertise in driving creative and media company growth designed to improve Paramount’s performance and foster further advancement.
Shari Redstone, Chair of Paramount Global and Chair, president, and CEO of National Amusements, Inc. said, “Given the changes in the industry, we want to fortify Paramount for the future while ensuring that content remains king. We hope 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.”
OVER 100-YEAR-OLD LEGACY
Importantly, the transaction preserves the over 100-year-old legacy of Paramount as one of Hollywood’s most iconic production companies and CBS’s stature as a cherished source of news and entertainment. It also preserves American jobs, fosters continued innovation, and secures a prosperous future for the creative community at Paramount while protecting the legacy that viewers across the globe know and love. With a 15-year history of partnering on highly successful projects, the Skydance-Paramount combination will unite key intellectual property and enhance Paramount’s exposure to cutting-edge and next-generation digital businesses.
David Ellison, founder and Chief Executive Officer of Skydance said: “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. 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.”
Gerry Cardinale, founder and managing partner of RedBird Capital said: “The recapitalization of Paramount and combination with Skydance under David Ellison’s leadership will be an important moment in the entertainment industry at a time when incumbent media companies are increasingly challenged by technological disintermediation.”
