LOS ANGELES (CelebrityAccess) — Skydance Media on Wednesday announced the completion of its $8 billion dollar merger with Paramount Global, forming the standalone media and entertainment company, Paramount.
As a result of the merger, Paramount Class B shares began trading on Wednesday on the NASDAQ under the new ticker symbol PSKY.
According to the two companies, the merger will combine Paramount’s extensive content library and distribution network with Skydance’s production and technological capabilities with support from investor Red Bird Capital.
“Today marks an exciting and pivotal moment as we prepare to bring Paramount’s legacy as a Hollywood institution into the future of entertainment. My vision is to honor exceptional storytelling while modernizing how we make and deliver content to support the world’s top creative talent, enhance experiences for audiences worldwide, and create sustainable value for our shareholders,” said David Ellison, CEO of Paramount.
clear mission. With a deep understanding of the industry and a strategic approach to growth, we will stay grounded in creative excellence, embrace cutting-edge innovation, and continue delivering the entertainment, news, and sports experiences that connect with audiences worldwide. Together, we have the opportunity not only to shape Paramount’s future, but also to play a meaningful role in where our industry is headed — and we can’t wait to get started,” Ellison added.
In a seperate ‘Open Letter’ from Ellison, he outlined his plan for the newly combined company with three key operating areas – Studios, Direct-to-Consumer, and TV Media – while streamlining decision making and leveraging technology.
“We recognize that realizing our ambitions in today’s dynamic and fiercely competitive global market won’t be easy. We are in the midst of a generational change in our industry—and we understand Paramount has faced its own significant challenges, compounded by the reality of a merger process that stretched out over a considerable time period,” Ellison said, adding, “But that time of uncertainty is now behind us. 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.”
