The $8 billion merger between Paramount Global and Skydance Media has officially closed, marking a significant shift in the entertainment industry landscape as of August 7, 2025. This union creates a new powerhouse known as Paramount, a Skydance Corporation, bringing together Paramount’s rich Hollywood legacy and extensive media assets with Skydance’s innovative production prowess under the leadership of David Ellison, Skydance’s founder and new CEO and chairman of the combined company.
The months leading up to the closing were marked by complex negotiations, regulatory scrutiny, and strategic recalibrations. Originally announced in July 2024, the merger journey saw delays due to regulatory approvals and evolving deal terms. In particular, the Federal Communications Commission (FCC) only gave its nod to the merger in late July 2025, allowing the deal to finally come through. The transaction was valued at approximately $8 billion and folded Paramount’s vast portfolio, including iconic film studios, CBS, MTV, Comedy Central, and the Paramount+ streaming service, into a revamped operation envisioned to blend entertainment and technology.
This merger lifts a curtain on a new chapter for Paramount, which has struggled in recent years to firmly establish itself in a streaming-dominated market shadowed by Netflix, Disney, Amazon, and YouTube. Under the helm of Ellison, son of Oracle co-founder Larry Ellison, the company aims to harness advanced technology to enhance storytelling and platform integration, merging Hollywood creativity with Silicon Valley innovation. Jeff Shell, former NBCUniversal CEO, steps in as president, tasked with managing day-to-day operations and driving the company’s growth ambitions.
Central to Ellison’s vision is the commitment to significant cost efficiencies, targeting a $2 billion reduction through organizational realignment and technology upgrades. The new leadership hopes to revitalize Paramount’s longstanding brands and invest in emerging entertainment sectors such as animation, sports rights, and video games, which are seen as growth engines in an evolving digital era.
The new corporate structure organizes business into three segments: studios, direct-to-consumer, and television media. This reorganization is designed to leverage the company’s diverse assets more effectively, from the theatrical release slate and streaming platforms to extensive broadcast and cable networks. Notably, the merger also shifts Paramount’s ownership away from the Redstone family, who have steered the company for decades, marking a generational shift in control and strategy.
While the deal signals a fresh start, the road to this point was contentious. Regulatory concerns and ongoing investigations, including those involving CBS News, created a challenging backdrop. Paramount also faced a $16 million settlement related to a lawsuit involving the “60 Minutes” broadcast. Despite these hurdles, the merger has cleared the legal and regulatory landscape to reshape Paramount’s future.
Skydance’s acquisition of Paramount incorporates the media giant’s content libraries and distribution networks, granting Skydance the scale and resources to increase production output and innovation capacity. This newly combined company will trade on Nasdaq under the ticker symbol PSKY, reflecting the merged identity.
Looking ahead, this merger represents more than a financial transaction, it is aimed at redefining an entertainment behemoth to meet 21st-century demands. With a leadership team blending traditional Hollywood experience and Silicon Valley tech acumen, the industry will be watching closely to see how Paramount, a Skydance Corporation, redefines content creation, delivery, and audience engagement in the years to come.
This new entity now holds a competitive stake in the media ecosystem, leveraging a mix of legacy content powerfully tied to audiences and forward-looking strategies meant to capture growth in streaming, sports, and gaming. For a company like Paramount, long challenged by the rapid rise of digital platforms and changing consumer habits, this merger offers a route to reclaim relevance and financial strength.
David Ellison summed up the transition well, expressing excitement for this “pivotal moment” where the company honors its storytelling roots while modernizing its operations and audience experiences. This pragmatically optimistic approach captures the delicate balance Paramount seeks in a marketplace defined by rapid technological change and fierce competition.
The merger’s completion closes a chapter of uncertainty and opens a new one where Paramount, a Skydance Corporation, aims to craft the future of entertainment delivery for a global audience.
