07 Aug Skydance Closes $8 Billion Paramount Acquisition: ‘Today Marks Day One of a New Paramount,’ David Ellison Says [Variety]
BY JENNIFER MAAS
August 7, 2025 | David Ellison’s Skydance Media has closed its $8 billion merger with Paramount Global to create new company Paramount, a Skydance Corporation, the parties announced Thursday.
Under Skydance, Paramount will be restructured into three divisions: studios, direct-to-consumer and TV media.
In an open letter released with the deal close, Ellison, who will serve as Paramount chairman and CEO, reiterated Skydance’s promise to realize $2 billion in cost synergies post-merger, adding he now has “greater confidence in our ability to not only achieve — but meaningfully exceed” that figure through plans to “transition the entire enterprise to a single technology platform.”
“Today marks Day One of a new Paramount,” Ellison said. “I am thrilled and honored to write to you as Chairman and CEO, as — together with our Board, our new executive leadership team, and our colleagues around the world — we embark on the exciting next chapter of this legendary company.”
The new Paramount CEO added: “Moving forward, we will work with conviction and optimism to transform Paramount into a tech-forward company that blends the creative heart of Hollywood with the innovative spirit of Silicon Valley. By harnessing cutting-edge technologies to serve great storytelling, we will unlock the company’s enormous potential.”
The finalization of the acquisition follows the FCC’s July 24 approval of the deal, which came after Paramount agreed to pay $16 million to President Donald Trump to settle his lawsuit against CBS over a “60 Minutes” interview with Kamala Harris, and more than a year after Skydance and Paramount first announced the agreement on July 7, 2024.