Latest news with #Paramount-owned
Japan Today
4 days ago
- Business
- Japan Today
Paramount and Skydance close their $8 billion merger, kicking off reign of new entertainment giant
FILE - Brendan Carr listens during a Senate Commerce, Science, and Transportation committee hearing to examine the Federal Communications Commission on Capitol Hill in Washington, June 24, 2020. (Jonathan Newton/The Washington Post via AP, File) By WYATTE GRANTHAM-PHILIPS Skydance and Paramount officially closed their $8 billion merger on Thursday — kicking off the reign of a new entertainment giant after a contentious, over year-long endeavor to get the transaction over the finish line. The new company — which will trade under the 'PSKY' ticker on Wall Street — brings Paramount's legacy Hollywood footprint, major TV networks like CBS and MTV, streaming services and more under the roof of a new power player: billionaire Skydance founder David Ellison. 'Today marks an exciting and pivotal moment as we prepare to bring Paramount's legacy as a Hollywood institution into the future of entertainment," Ellison, who is now Chairman and CEO of Paramount, a Skydance Corporation, said in a statement. He added that he aims to 'honor exceptional storytelling while modernizing how we make and deliver content." The merger's close came just two weeks after it received regulatory approval from the Trump administration. While now a done deal, the path towards that approval was far from smooth sailing. Months of scrutiny and turmoil surrounded the transaction — particularly amid President Donald Trump's legal battle with '60 Minutes,' the crown jewel of Paramount-owned broadcast network CBS. With the specter of the Trump administration potentially blocking the hard-fought deal with Skydance, Paramount agreed to pay a $16 million settlement to the president in early July. Critics of the settlement lambasted it as a veiled bribe to appease Trump, amid rising alarm over editorial independence overall. Further outrage also emerged after CBS said it was canceling Stephen Colbert's 'Late Show' just days after the comedian sharply criticized the parent company's settlement on air. Paramount cited financial reasons, but big names both within and outside the company have questioned those motives. When still seeking approval to buy Paramount from the Federal Communication Commission, Skydance management assured regulators that it would carefully watch for any perceived bias at CBS News and hire an ombudsman to review any complaints about fairness. In filings just last month, the company's general counsel maintained that New Paramount will embody 'a diversity of viewpoints across the political and ideological spectrum' — and also noted that it plans to take a 'comprehensive review' of CBS to make 'any necessary changes.' By the time the deal was approved, FCC Chairman Brendan Carr hailed the merger as an opportunity to bring more balance to 'once-storied' CBS. 'Americans no longer trust the legacy national news media to report fully, accurately, and fairly. It is time for a change," Carr said. Carr also pointed to other commitments from Skydance — including company assurances about ending diversity, equity and inclusion initiatives at Paramount. In a letter addressed to Carr days before the FCC's greenlight, Skydance wrote to 'confirm the elimination' of DEI initiatives previously in place at Paramount — and maintained that Skydance 'does not have DEI programs in place today and will not establish such initiatives.' Skydance pointed to the Supreme Court's 2023 decision on affirmative action in college admissions, but such moves also arrive amid the Trump administration's wider crackdown on DEI in the workplace — and the company cited recent federal mandates impacting employers, too, noting that Paramount announced 'significant changes' to its recruiting and hiring practices in February 2025. The FCC approved the merger by a 2-1 vote on July 24. The regulator who opposed it, FCC Commissioner Anna Gomez, expressed disdain for how it all came together — pointing to 'months of cowardly capitulation to this administration.' 'In an unprecedented move, this once-independent FCC used its vast power to pressure Paramount to broker a private legal settlement and further erode press freedom,' Gomez, who was appointed by President Joe Biden, said in a statement. She also said the agency overstepped its authority by 'undermining legitimate efforts to combat discrimination and expand opportunity.' Paramount's new leaders will be watched particularly closely for how they deal with CBS News, given the $16 million settlement with Trump following his complaint about last fall's '60 Minutes' interview with his Democratic opponent, then-Vice President Kamala Harris. And the merger could also have ripple effects across other Paramount properties, including its late night and comedy programming. When first announcing the deal in July 2024, Ellison also stressed the need to transition into a 'tech hybrid' to stay competitive in today's entertainment landscape. That included plans to 'rebuild' the Paramount+ streaming service, among wider efforts to expand direct-to-consumer offerings in a world with more entertainment options and shorter attention spans. © Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
Yahoo
4 days ago
- Business
- Yahoo
Skydance Closes $8 Billion Paramount Acquisition: ‘Today Marks Day One of a New Paramount,' David Ellison Says
David Ellison's Skydance Media has closed its $8 billion merger with Paramount Global to create new company Paramount, a Skydance Corporation, the parties announced Thursday. Under Skydance, Paramount will be restructured into three divisions: studios, direct-to-consumer and TV media. More from Variety Shari Redstone's Farewell Message to Paramount Employees: 'I Will Be Cheering for You, Always' Liza Burnett Fefferman Exits as Executive VP and Head of Communications for Paramount Media Networks and MTV Entertainment Studios Paramount Skydance's Streaming Chief Cindy Holland Hires Ex-Netflix Execs Jane Wiseman, Efrain Miron for Key Roles In an open letter released with the deal close, Ellison, who will serve as Paramount chairman and CEO, reiterated Skydance's promise to realize $2 billion in cost synergies post-merger, adding he now has 'greater confidence in our ability to not only achieve — but meaningfully exceed' that figure through plans to 'transition the entire enterprise to a single technology platform.' 'Today marks Day One of a new Paramount,' Ellison said. 'I am thrilled and honored to write to you as Chairman and CEO, as—together with our Board, our new executive leadership team, and our colleagues around the world—we embark on the exciting next chapter of this legendary company.' The new Paramount CEO added: 'Moving forward, we will work with conviction and optimism to transform Paramount into a tech-forward company that blends the creative heart of Hollywood with the innovative spirit of Silicon Valley. By harnessing cutting-edge technologies to serve great storytelling, we will unlock the company's enormous potential.' The finalization of the acquisition follows the FCC's July 24 approval of the deal, which came after Paramount agreed to pay $16 million to President Donald Trump to settle his lawsuit against CBS over a '60 Minutes' interview with Kamala Harris, and more than a year after Skydance and Paramount first announced the agreement on July 7, 2024. As the Paramount-Skydance deal closes, Larry Ellison (father of David Ellison), Skydance and Gerry Cardinale's RedBird Capital have purchased Shari Redstone's shares of National Amusements Inc. (which owned 77% of the voting power in Paramount Global). Redstone received $1.75 billion in cash upon the deals close and exited the merged company's board. Paramount will remain publicly traded, as Paramount Global was, but the Ellison family will control the company. The company begins trading on the Nasdaq stock exchange under the new 'PSKY' ticker symbol Thursday. Moving forward, Ellison says Paramount-owned streamers Paramount+ and Pluto TV will operate on a unified technology stack beginning in 2026. The company remains vague on plans for Paramount's cable offering, with Ellison writing in his Thursday note: 'On the TV Media side, our challenge is to reinvent our portfolio of brands for a non-linear world. We plan to invest appropriately based on the future business opportunity, thereby maximizing cash flow so we can reinvest in our growth businesses.' Ellison serves as CEO of Paramount and Jeff Shell (former CEO of NBCUniversal) has been tapped as president. Ellison has already outlined the majority of his senior leadership team for the new company, including: Andy Gordon, Chief Strategy Officer and Chief Operating Officer George Cheeks, Chair of TV Media Dana Goldberg, Co-Chair of Paramount Pictures and Chair of Paramount Television Josh Greenstein, Co-Chair of Paramount Pictures and Vice Chair of Platforms Cindy Holland, Chair of Direct-to-Consumer Stephanie Kyoko McKinnon, General Counsel and Acting Chief Legal Officer Jim Sterner, Chief People Officer Melissa Zukerman, Chief Communications Officer Andrew Warren will continue as Interim CFO. Don Granger, President, Motion Picture Group Kevin MacLellan, President, International and Global Content Distribution Rebecca Mall, President, Cross Company Initiatives, Franchise, and Corporate Marketing Matt Thunell, President, Paramount Television Studios Kevin Creighton, EVP, Corporate Finance & Investor Relations Tony Driscoll, EVP, Head of Corporate Strategy & Development Efrain Miron, EVP, Head of Content Strategy & Licensing, DTC Jose Turkienicz, EVP, Head of Global Operations Laura Watson, EVP, Corporate and Executive Communications Jane Wiseman, EVP, Head of Originals, DTC Best of Variety New Movies Out Now in Theaters: What to See This Week What's Coming to Disney+ in August 2025 What's Coming to Netflix in August 2025
4 days ago
- Business
Paramount and Skydance close their $8 billion merger, kicking off reign of new entertainment giant
NEW YORK -- Skydance and Paramount officially closed their $8 billion merger on Thursday — kicking off the reign of a new entertainment giant after a contentious, over year-long endeavor to get the transaction over the finish line. The new company — which will trade under the 'PSKY' ticker on Wall Street — brings Paramount's legacy Hollywood footprint, major TV networks like CBS and MTV, streaming services and more under the roof of a new power player: billionaire Skydance founder David Ellison. 'Today marks an exciting and pivotal moment as we prepare to bring Paramount's legacy as a Hollywood institution into the future of entertainment," Ellison, who is now Chairman and CEO of Paramount, a Skydance Corporation, said in a statement. He added that he aims to 'honor exceptional storytelling while modernizing how we make and deliver content." The merger's close came just two weeks after it received regulatory approval from the Trump administration. While now a done deal, the path towards that approval was far from smooth sailing. Months of scrutiny and turmoil surrounded the transaction — particularly amid President Donald Trump's legal battle with '60 Minutes,' the crown jewel of Paramount-owned broadcast network CBS. With the specter of the Trump administration potentially blocking the hard-fought deal with Skydance, Paramount agreed to pay a $16 million settlement to the president in early July. Critics of the settlement lambasted it as a veiled bribe to appease Trump, amid rising alarm over editorial independence overall. Further outrage also emerged after CBS said it was canceling Stephen Colbert's 'Late Show' just days after the comedian sharply criticized the parent company's settlement on air. Paramount cited financial reasons, but big names both within and outside the company have questioned those motives. When still seeking approval to buy Paramount from the Federal Communication Commission, Skydance management assured regulators that it would carefully watch for any perceived bias at CBS News and hire an ombudsman to review any complaints about fairness. In filings just last month, the company's general counsel maintained that New Paramount will embody 'a diversity of viewpoints across the political and ideological spectrum' — and also noted that it plans to take a 'comprehensive review' of CBS to make 'any necessary changes.' By the time the deal was approved, FCC Chairman Brendan Carr hailed the merger as an opportunity to bring more balance to 'once-storied' CBS. 'Americans no longer trust the legacy national news media to report fully, accurately, and fairly. It is time for a change," Carr said. Carr also pointed to other commitments from Skydance — including company assurances about ending diversity, equity and inclusion initiatives at Paramount. In a letter addressed to Carr days before the FCC's greenlight, Skydance wrote to 'confirm the elimination' of DEI initiatives previously in place at Paramount — and maintained that Skydance 'does not have DEI programs in place today and will not establish such initiatives.' Skydance pointed to the Supreme Court's 2023 decision on affirmative action in college admissions, but such moves also arrive amid the Trump administration's wider crackdown on DEI in the workplace — and the company cited recent federal mandates impacting employers, too, noting that Paramount announced 'significant changes' to its recruiting and hiring practices in February 2025. The FCC approved the merger by a 2-1 vote on July 24. The regulator who opposed it, FCC Commissioner Anna Gomez, expressed disdain for how it all came together — pointing to 'months of cowardly capitulation to this administration.' 'In an unprecedented move, this once-independent FCC used its vast power to pressure Paramount to broker a private legal settlement and further erode press freedom,' Gomez, who was appointed by President Joe Biden, said in a statement. She also said the agency overstepped its authority by 'undermining legitimate efforts to combat discrimination and expand opportunity.' Paramount's new leaders will be watched particularly closely for how they deal with CBS News, given the $16 million settlement with Trump following his complaint about last fall's '60 Minutes' interview with his Democratic opponent, then-Vice President Kamala Harris. And the merger could also have ripple effects across other Paramount properties, including its late night and comedy programming. When first announcing the deal in July 2024, Ellison also stressed the need to transition into a 'tech hybrid' to stay competitive in today's entertainment landscape. That included plans to 'rebuild' the Paramount+ streaming service, among wider efforts to expand direct-to-consumer offerings in a world with more entertainment options and shorter attention spans.
Winnipeg Free Press
4 days ago
- Business
- Winnipeg Free Press
Paramount and Skydance close their $8 billion merger, kicking off reign of new entertainment giant
NEW YORK (AP) — Skydance and Paramount officially closed their $8 billion merger on Thursday — kicking off the reign of a new entertainment giant after a contentious, over year-long endeavor to get the transaction over the finish line. The new company — which will trade under the 'PSKY' ticker on Wall Street — brings Paramount's legacy Hollywood footprint, major TV networks like CBS and MTV, streaming services and more under the roof of a new power player: billionaire Skydance founder David Ellison. 'Today marks an exciting and pivotal moment as we prepare to bring Paramount's legacy as a Hollywood institution into the future of entertainment,' Ellison, who is now Chairman and CEO of Paramount, a Skydance Corporation, said in a statement. He added that he aims to 'honor exceptional storytelling while modernizing how we make and deliver content.' The merger's close came just two weeks after it received regulatory approval from the Trump administration. While now a done deal, the path towards that approval was far from smooth sailing. Months of scrutiny and turmoil surrounded the transaction — particularly amid President Donald Trump's legal battle with '60 Minutes,' the crown jewel of Paramount-owned broadcast network CBS. With the specter of the Trump administration potentially blocking the hard-fought deal with Skydance, Paramount agreed to pay a $16 million settlement to the president in early July. Critics of the settlement lambasted it as a veiled bribe to appease Trump, amid rising alarm over editorial independence overall. Further outrage also emerged after CBS said it was canceling Stephen Colbert's 'Late Show' just days after the comedian sharply criticized the parent company's settlement on air. Paramount cited financial reasons, but big names both within and outside the company have questioned those motives. When still seeking approval to buy Paramount from the Federal Communication Commission, Skydance management assured regulators that it would carefully watch for any perceived bias at CBS News and hire an ombudsman to review any complaints about fairness. In filings just last month, the company's general counsel maintained that New Paramount will embody 'a diversity of viewpoints across the political and ideological spectrum' — and also noted that it plans to take a 'comprehensive review' of CBS to make 'any necessary changes.' By the time the deal was approved, FCC Chairman Brendan Carr hailed the merger as an opportunity to bring more balance to 'once-storied' CBS. 'Americans no longer trust the legacy national news media to report fully, accurately, and fairly. It is time for a change,' Carr said. Carr also pointed to other commitments from Skydance — including company assurances about ending diversity, equity and inclusion initiatives at Paramount. In a letter addressed to Carr days before the FCC's greenlight, Skydance wrote to 'confirm the elimination' of DEI initiatives previously in place at Paramount — and maintained that Skydance 'does not have DEI programs in place today and will not establish such initiatives.' Monday Mornings The latest local business news and a lookahead to the coming week. Skydance pointed to the Supreme Court's 2023 decision on affirmative action in college admissions, but such moves also arrive amid the Trump administration's wider crackdown on DEI in the workplace — and the company cited recent federal mandates impacting employers, too, noting that Paramount announced 'significant changes' to its recruiting and hiring practices in February 2025. The FCC approved the merger by a 2-1 vote on July 24. The regulator who opposed it, FCC Commissioner Anna Gomez, expressed disdain for how it all came together — pointing to 'months of cowardly capitulation to this administration.' 'In an unprecedented move, this once-independent FCC used its vast power to pressure Paramount to broker a private legal settlement and further erode press freedom,' Gomez, who was appointed by President Joe Biden, said in a statement. She also said the agency overstepped its authority by 'undermining legitimate efforts to combat discrimination and expand opportunity.' Paramount's new leaders will be watched particularly closely for how they deal with CBS News, given the $16 million settlement with Trump following his complaint about last fall's '60 Minutes' interview with his Democratic opponent, then-Vice President Kamala Harris. And the merger could also have ripple effects across other Paramount properties, including its late night and comedy programming. When first announcing the deal in July 2024, Ellison also stressed the need to transition into a 'tech hybrid' to stay competitive in today's entertainment landscape. That included plans to 'rebuild' the Paramount+ streaming service, among wider efforts to expand direct-to-consumer offerings in a world with more entertainment options and shorter attention spans.
Yahoo
4 days ago
- Business
- Yahoo
Inside the first day of Paramount's new regime under David Ellison
Control of Paramount, the legendary but troubled TV and movie maker, shifted to Silicon Valley scion David Ellison on Thursday, following a protracted and politically tainted merger process. The transition was full of symbolism: The Redstone family, which built the company into a cable-era giant that lagged in the streaming era, handed off to the son of billionaire Oracle founder Larry Ellison. David Ellison, who headed the much smaller media company Skydance and is now CEO of the combined company, used the word 'tech' ten times in an introductory letter Thursday morning. He pledged to invest in Paramount's streaming businesses and upgrade the company's outdated technology systems. Ellison's first act as CEO was also symbolic: He visited the offices of Paramount's CBS News division, which was dragged through the mud by President Trump during the merger review process. Trump filed a legally dubious lawsuit against the newsmagazine '60 Minutes' last fall, prompting Paramount's controlling shareholder, Shari Redstone, to authorize her board to seek a settlement rather than fight the case in court. Redstone had hundreds of millions of dollars riding on the completion of the Paramount-Skydance merger, and many onlookers concluded that Paramount felt it had to pay off Trump to win administration approval of the merger. The ensuing $16 million settlement and the regulatory review approval were both announced last month, though officials involved in the matter denied that the two were connected. Trump told reporters that he also has an understanding with Ellison for CBS and other Paramount-owned channels to air public service announcements for Trump-aligned causes. Ellison was intentionally very quiet during the Trumped-up merger review process. Thursday was his first real chance to articulate his plan for the media company. 'We recognize that realizing our ambitions in today's dynamic and fiercely competitive global market won't be easy,' he wrote in his letter, noting 'generational change in our industry,' which Ellison, 42, is very much a part of. He named three priorities: 'Investing in our growth businesses anchored by our creative engines and superior storytelling,' 'scaling our direct-to-consumer business (Paramount+ and Pluto TV) globally,' and 'driving efficiency enterprise-wide with a focus on long-term free cash flow generation.' Employees are bracing for yet another round of layoffs since Ellison has also signaled to Wall Street that he expects 'to not only achieve — but meaningfully exceed — the $2 billion in real efficiencies we previously announced.' At CBS News on Thursday morning, he acknowledged the stresses of the past year, alluding to the '60 Minutes' lawsuit indirectly. He also expressed his admiration for the news division and the importance of 'fact-based journalism,' a person in attendance said. After brief remarks to the assembled journalists, he was given a tour of the '60 Minutes' offices. His letter also touted '60 Minutes' by name and nodded to the news division's 'storied' history. 'We take immense pride in CBS News' legacy of impactful journalism and look forward to continuing to foster a newsroom culture where journalists are empowered, trusted, and equipped to do their best work,' he wrote. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
