Editor’s Note: The story has been updated with the latest details on M&A activity. The previous version was based on source-based information suggesting that the Paramount board had endorsed a merger with Skydance Media as David Ellison nears the acquisition of the owner of MTV and CBS.
Paramount Global (NASDAQ:PARA) and Skydance Media have inked a definitive agreement to create a new entity, “New Paramount,” in a $28 billion merger deal.
What Happened: The merger, announced on Sunday, will see the formation of a “next-generation media and technology leader,” according to a press release from Skydance Media. The deal involves the acquisition of National Amusements, Inc., which holds the controlling stake in Paramount, and a subsequent merger of Skydance and Paramount Global.
The transaction, if finalized, would mark the end of a tumultuous and complex merger process. The deal includes the acquisition of National Amusements, the controlling shareholder of Paramount, by Ellison, followed by the merger of Skydance with Paramount. This move would ...