Skydance Media to acquire Paramount and merge as New Paramount

Skydance Media will acquire Paramount’s owner, National Amusements, and merge Skydance’s business with Paramount Global to form New Paramount.

The deal will take place through a two-step transaction, including the acquisition of National Amusements, which holds the controlling share stake in Paramount, and a subsequent merger of Skydance and Paramount Global.

New Paramount will be a “premier, creative-first destination for storytellers, dedicated to top-quality content and will be positioned to improve profitability, foster stability and independence for creators, and enable more investment in growth areas,” according to a press release issued by Skydance.