Skydance-Paramount Merger Creates New Media Giant | JQJO

Skydance Media's $8 billion merger with Paramount Global is complete, forming Paramount, a Skydance Corporation. David Ellison, now chairman and CEO, aims to achieve $2 billion in cost synergies, exceeding expectations through a unified technology platform. The restructuring creates three divisions: studios, direct-to-consumer, and TV media. Paramount will remain publicly traded under the "PSKY" ticker, with the Ellison family holding controlling interest. Several executive changes are underway, including the departures of some Paramount Global co-CEOs. Larry Ellison and RedBird Capital purchased Shari Redstone's shares in National Amusements Inc.