In a significant move for the media industry, Paramount Global and Skydance Media are merging. The deal, which is expected to be completed later in 2025, will see David Ellison's Skydance acquire Shari Redstone's majority stake in National Amusements. This transaction will secure control of Paramount Pictures, CBS, and various cable channels such as Nickelodeon, MTV, and Comedy Central.
The news was met with excitement from industry insiders and those who have worked with both companies in the past. Tyler Perry expressed his enthusiasm about working with Skydance and David Ellison in the future. John Krasinski praised his past collaborations with both Paramount and Skydance, while Mark Wahlberg is looking forward to beginning a new film project with Skydance.
Oracle founder Larry Ellison and his family are investing $6 billion in the deal, making it one of the largest investments in Hollywood history. David Ellison's first job was writing code for his father, Larry Ellison. The merger is expected to result in a change of leadership at Paramount Global.
Paramount Pictures has a rich history, having released Oscar-winning films such as Forrest Gump and producing popular franchises like Mission: Impossible and Star Trek. However, the value of media companies in today's market bears little resemblance to the past. The deal comes at a time when streaming services like Apple, Amazon, and Netflix are increasingly dominating the industry.
The merger is still subject to regulatory approval.
