David Ellison has been named as chairman and chief executive officer of Paramount Global after agreement was finally reached with his Skydance Media.
Former NBC Universal chief executive Jeff Shell becomes President.
The Ellison family and RedBird Capital Partners will Invest over $8 billion in ‘New Paramount’ after a special committee of Paramount’s board of directors gave approval Sunday for a two-stage deal.
First up is the acquisition of National Amusements Inc from Shari Redstone before a full merger of the companies.
Shari Redstone, Chair of Paramount Global and Chair, President, and CEO of National Amusements, Inc. said, “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.”
Investment will go into direct-to-consumer platforms Paramount+ and Pluto, though linear networks such as CBS will also receive attention.
David Ellison, Founder and Chief Executive Officer of Skydance said: “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.”
Much has been made of Paramount’s relationship with Skydance through the production of Top Gun: Maverick, but the relationship goes back some 15 years.
The combination will give Paramount access to Skydance’s in-house animation studio, led by pioneer John Lasseter, which will expand Paramount’s animation capabilities as well as consumer products opportunities over the long-term.
Skydance also has an interest in video games, producing Star Wars and The Walking Dead titles.
