What did Skydance and Paramount announce in 2024?

In July 2024, Skydance Media and Paramount Global announced a definitive agreement to merge, forming a new entity called "Paramount Skydance Corporation." The deal, valued at $8 billion, is expected to close in 2025, pending regulatory approvals. The merger aims to combine Skydance's innovative content creation with Paramount's extensive media assets, positioning the new company as a formidable player in the entertainment industry. David Ellison, CEO of Skydance, is slated to become the chairman and CEO of the combined company, with Jeff Shell as president. The merger reflects a strategic move to adapt to the rapidly evolving media landscape and consumer preferences.