Paramount Global

Paramount Global operates as a mass media company, which creates and distributes content across a variety of platforms to audiences around the world. It operates its business through the following segments: Entertainment, Cable Networks, Publishing, and Local Media. The Entertainment segment is composed of the CBS Television Network, CBS Television Studios, CBS Studios International, CBS Television Distribution, CBS Interactive, and CBS Films, as well as the company's digital streaming services, CBS All Access and CBSN. The Cable Networks segment includes Showtime Networks, CBS Sports Network, and Smithsonian Networks. The Publishing segment manages Simon & Schuster's consumer book publishing business with imprints such as Simon & Schuster, Pocket Books, Scribner, and Atria Books. The Local Media segment handles CBS Television Stations and CBS Local Digital Media, with revenues generated primarily from advertising sales and retransmission fees. The company was founded by Sumner Murray Redstone in 1986 and is headquartered in New York, NY.

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Paramount Global will continue reducing the size of its workforce until its merger with Skydance Media closes, the company's co-CEOs said in a memo seen by Reuters on Sunday, hours after the companies announced the deal.

Paramount to continue job cuts until Skydance deal closes, memo says

Paramount agreed to merge with Skydance Media after tumultuous acquisition talks. But the Hollywood megamerger may face FTC scrutiny.

Paramount and Skydance just agreed to a takeover. But media's messiest deal isn't over yet.

David Ellison's Skydance Media has announced an $8 billion deal to take over Paramount Global, capping a seven-month quest. The company had received approval earlier Sunday from a special committee of Paramount's board of directors. The full board then OK'd the plan for a two-step transaction, first the acquisition of National Amusements Inc.

Top Of The Mountain: David Ellison's Skydance Taking Over Paramount In $8 Billion Deal

NEW YORK , July 7, 2024 /PRNewswire/ -- The Special Committee of the Board of Directors (the "Special Committee") of Paramount Global (NASDAQ: PARA, PARAA) ("Paramount" or "the Company") today confirmed that it has unanimously approved a merger agreement between Paramount and Skydance Media, LLC ("Skydance"). The Special Committee was formed on January 2, 2024, at the request of Paramount's controlling stockholder, National Amusements, Inc. ("NAI"), to evaluate potential transactions involving both NAI and Paramount as NAI considered its options relating to its investment in Paramount.

PARAMOUNT GLOBAL'S SPECIAL COMMITTEE UNANIMOUSLY APPROVES MERGER WITH SKYDANCE MEDIA

Ellison Family and RedBird Capital Partners to Invest Over $8 Billion i n New Paramount and to Acquire National Amusements, Inc. Paramount Class A Stockholders to Receive $23 Per Share in Cash/Stock Election, Class B Stockholders to Receive $15 Per Share in Cash/Stock Election; Cash Consideration Available to Public Shareholders Totals $4.5 Billion Next generation leadership team to take helm, led by David Ellison as Chairman and Chief Executive Officer, and Jeff Shell as President; Skydance plans to enhance and reinvigorate marquee Paramount and CBS brands New Paramount will be a creative-driven destination for storytellers dedicated to delivering top-quality content Paramount's premier content platform to be enhanced and powered by best-in-class technology and modernized infrastructure offering scalability and ingenuity focused on delivering content through wholly-owned DTC platforms of Paramount+ and Pluto while enhancing CBS and Paramount's linear networks Ellison team plans to reposition Paramount to improve profitability, foster stability and independence for creators, and enable more investment in faster growing digital platforms Skydance will merge with Paramount in an all-stock transaction, valuing Skydance at $4.75 billion; Skydance equity holders will receive 317 million Class B Shares valued at $15 per share Skydance Investor Group, comprised of the Ellison Family and RedBird Capital Partners, to invest $2.4 billion to acquire National Amusements for cash and $4.5 billion for the stock/cash merger consideration to be paid for publicly traded Class A shares and Class B shares, as well as $1.5 billion of primary capital to be added to Paramount's balance sheet Post transaction close, Skydance Investor Group will own 100% of New Paramount Class A Shares and 69% of outstanding Class B shares, or approximately 70% of the pro forma shares outstanding The per share cash election amount to be offered to Paramount's stockholders represents a 48% premium to the price of the Class B stock as of July 1, 2024, and a 28% premium to the Class A stock on the same date. By continuing to own shares of the newly combined company, Paramount Class B stockholders will have the opportunity to participate in New Paramount's long-term value creation potential Skydance and Paramount to host investor call at 8:30 a.m.

Skydance Media and Paramount Global Sign Definitive Agreement to Advance Paramount as a World-Class Media and Technology Enterprise

Paramount Global's board approved a merger with Skydance on Sunday, multiple outlets reported. This marks the end of a tumultuous deal process and a new era for the troubled media giant.

Paramount Global agrees to merge with Skydance: reports

Paramount Global PARA 3.05%increase; green up pointing triangle agreed to a deal that would merge the storied Hollywood company with David Ellison's Skydance Media, according to people familiar with the matter, moving the complicated transaction a step closer to completion.

Paramount Global Agrees to Skydance Deal

David Ellison's Skydance Media has gained approval for the company's proposed acquisition of Paramount Global controlling shareholder National Amusements Inc. after seven months of talks. The deal was blessed Sunday by a special committee of Paramount's board, a person familiar with the matter told Deadline.

Skydance Media Gets Board Committee Approval For Control Of Paramount Global After Lengthy Chase

Skydance Media's deal to acquire theater operator National Amusements, with its controlling interest in Paramount Global , could be finalized by Monday, sources familiar with the deal process said.

Skydance Media's deal to gain control of Paramount could be sealed this weekend, sources say

Roughly 50 years ago, Barry Diller was head of Paramount Pictures. A little more than 30 years ago, he tried to purchase the company, only to be outbid by media mogul Sumner Redstone.

Skydance-Paramount merger is reportedly back on after Barry Diller expresses interest

Investors snapped up shares and bonds issued by Paramount Global Inc. on Wednesday, after a report suggested the on-again, off-again courtship between Shari Redstone, Paramount and Skydance Media is back on, after the three sides reportedly have reached a preliminary merger deal.

Paramount stock and bonds snapped up on report deal with Skydance is back on

Shari Redstone walked away last month, but returned to the table with her National Amusements company

Paramount and Skydance squeak closer to merger deal

Overnight in the US, shares in media conglomerate Paramount Global (NASDAQ:PARA) lifted close to 8% after merger talks with Skydance Media resumed after the latter issued an improved offer.  Skydance, the independent studio created by David Ellison (son of Oracle's Larry Ellison), provided a rebuffed offer to attempt to secure the deal, months after Shari Redstone, who controls Paramount, ended the discussions abruptly, Financial Times reports revealed.

Paramount and Skydance renew merger talks with new bid

The media heiress reached a preliminary agreement to sell her controlling stake in Paramount Global to  Skydance Media – just weeks after she walked away from a deal between the two sides, according to multiple reports Tuesday.

Shari Redstone reaches preliminary deal to sell controlling stake in Paramount to Skydance Media for $1.75B

Skydance Media and Paramount Global are back in merger negotiations, according to multiple outlets, sending Paramount shares up more than 8% as the two companies re-enter the deal-making process following scuttled takeover talks last month.

Paramount Reaches Tentative Merger Deal With Skydance—Stock Spikes 8%

In a stunning reversal, David Ellison's Skydance Media and the Shari Redstone-controlled Paramount Global are back at the M&A altar. The companies have reached terms on a revised merger agreement for Redstone's National Amusements Inc.

Back In Business: Skydance And Shari Redstone Reach Terms On New Merger Proposal For Paramount

National Amusements, Paramount's controlling company, last month reportedly ended talks with Skydance.

Paramount and Skydance are back on with a preliminary merger deal, WSJ reports

Paramount shares pop 9% on news of preliminary Skydance Media deal

Skydance Media has reached a preliminary agreement to buy Shari Redstone's family company National Amusements and merge with Paramount Global PARA 5.72%increase; green up pointing triangle, rekindling deal talks that fizzled last month.

Skydance Reaches New Deal with Redstone's National Amusements

Scott Mills is teaming up with Chinh Chu, the head of CC Capital, in a bid for BET, according to Bloomberg News.

Paramount mulls $1.7B offer to sell BET to its CEO and NYC private equity firm: report

Paramount Global stock jumped 6% on the latest report it has resumed talking to potential buyers of select assets after pausing the divestments during ultimately fruitless merger talks with Skydance Media. A group of investors is holding exclusive talks with Paramount about a bid of $1.6 billion for BET Media Group, Bloomberg reported Tuesday.

Paramount Global Stock Jumps On Report Of Revived BET Sale Talks

Barry Diller's IAC is exploring a bid to take control of Paramount Global, CNBC's David Faber reported on Tuesday. The offer would be for Shari Redstone's National Amusements Inc., the controlling shareholder of Paramount.

Media mogul Barry Diller weighs a bid to gain control of Paramount

Shares of streaming platform Paramount Global (NASDAQ:PARA) are 2.6% higher to trade at $10.41 this morning, after several companies have expressed interest in a merger.

M&A Buzz Sends Paramount Global Stock Surging

Billionaire media mogul Barry Diller is in talks with Paramount's parent firm, National Amusements, for control of Paramount, according to The New York Times, marking the latest bid for Paramount after Skydance Media recently ended merger negotiations with the entertainment conglomerate.

Billionaire Barry Diller In Potential Takeover Talks With Paramount Following Skydance's Failed Bid, Report Says

IAC/InterActiveCorp

Billionaire Barry Diller's digital-media conglomerate IAC is exploring a bid to take control of Paramount Global , a person familiar with the matter told Reuters on Monday.

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