Overview
- The $8.4 billion acquisition of Paramount Global by Skydance closes on August 7, ending four decades of Redstone control and transferring ownership to the Ellison and RedBird consortium.
- David Ellison will assume the roles of chairman and CEO of Paramount Skydance Corp. while George Cheeks remains as chair of the TV Media division.
- A ten-member board dominated by Ellison family and RedBird representatives has been appointed, featuring industry figures such as Sherry Lansing and Oracle CEO Safra Catz.
- Jeff Shell will serve as president; Dana Goldberg and Josh Greenstein will co-chair Paramount Pictures; Cindy Holland will oversee direct-to-consumer streaming; and Matt Thunell will head the revived Paramount Television Studios.
- The transaction provides $1.5 billion in new capital to shore up the balance sheet, pays $2.4 billion to National Amusements and grants the Ellison-RedBird group 70% of shares with full voting control under cost-cutting directives.