SONY - Paramount and Skydance agree to merge shaking up entertainment industry
2024-07-08 04:45:07 ET
A new chapter is opening for Paramount Global ( NASDAQ: PARA ) following several drama-filled twists that saw it finally agree to a merger with David Ellison's Skydance Media. It's a complex transaction (see the details below), but there are hopes it can resurrect a Hollywood icon that has erased about 70% of its market value following the recombination of Viacom and CBS in 2019. The company was later rebranded Paramount Global, but has since experienced cash troubles with its streaming business (Paramount+), suffered a decline in linear TV (CBS and MTV), and saw S&P Global downgrade its debt to "junk" status ....
Paramount and Skydance agree to merge, shaking up entertainment industry