Under the command of Skydance, Paramount will restructure in three divisions: studies, direct sale to the consumer and television media.
Skydance Media of David Ellison has closed its merger of 8 billion dollars with Global Paramount To create the new company Paramount, a Skydance Corporation, the parties announced on Thursday.
Under the command of Skydance, Paramount will restructure in three divisions: studies, direct sale to the consumer and television media.
In an open letter published with the closure of the agreement, Ellison, who will serve as President and Executive Director of Paramount, reiterated Skydance’s promise to achieve 2 billion dollars in cost synergies after the merger, and added that he now has “greater confidence in our capacity not only to achieve, but to significantly overcome” that figure through plans for “Make the transition from the entire company to a single technological platform “.
David Ellison’s message, new CEO from Paramount
“Today is the first day of a new Paramount,” Ellison said. “It excites me and honors me as president and executive director, while, together with our Board of Directors, our new executive leadership team and our colleagues around the world, we undertake the exciting next chapter of this legendary company.”
The new CEO of Paramount added: “From now on, we will work with conviction and optimism to transform Paramount into a technologically advanced company that fuses the creative heart of Hollywood with the innovative spirit of Silicon Valley. By taking advantage of avant -garde technologies to create great stories, we will free the enormous potential of the company.”
The end of the acquisition follows the approval of the agreement by the FCC on July 24, which occurred after Paramount agreed to pay 16 million dollars to the president Donald Trump To solve your demand against CBS for an interview in the “60 minute” program with Kamala Harrisand more than a year after Skydance and Paramount announced for the first time the agreement on July 7, 2024.
Source: Ambito
I am an author and journalist who has worked in the entertainment industry for over a decade. I currently work as a news editor at a major news website, and my focus is on covering the latest trends in entertainment. I also write occasional pieces for other outlets, and have authored two books about the entertainment industry.
