Skydance’s $8bn takeover of Paramount Global has now completed, more than a year after terms for a tie-up were finally agreed.
The on-off-on again deal involved Skydance acquiring Paramount majority shareholder, National Amusements, before merging the two entities. Going forward, the legendary studio will be known as Paramount, A Skydance Corporation.
A press release issued shortly after closure said the deal “positions Paramount to forge a new path forward in the entertainment industry, combining its extensive creative library and global distribution network with Skydance’s production expertise and industry-leading technological capabilities.”
Skydance has previously partnered with Paramount on a number of films, including the recent Mission Impossible films and Top Gun: Maverick, and is also the studio behind hit shows such as Grace and Frankie (Netflix), Foundation (Apple TV+), and Tom Clancy’s Jack Ryan (Prime Video).
David Ellison, Skydance founder and Chairman & CEO of the new company, said: “Today marks an exciting and pivotal moment as we prepare to bring Paramount’s legacy as a Hollywood institution into the future of entertainment.
“My vision is to honor exceptional storytelling while modernizing how we make and deliver content to support the world’s top creative talent, enhance experiences for audiences worldwide, and create sustainable value for our shareholders.
“It is truly an honor and a privilege to help lead this iconic brand into its next chapter.”
Among the plans set out today is a move to unify the technology stack powering the Paramount+ and Pluto TV streaming services.
Ellison says that, in addition to “dramatically improving performance and driving significant financial savings,” this will “elevate the consumer experience across our services—enhancing our recommendation engine, accelerating delivery speed and quality”.
He also pledged to “redirect resources toward what matters most: delivering a greater volume of high-quality films, television series, sports, news, and games to audiences worldwide.”