David Ellison is about to become one of Hollywood's top execs.
in a complex transaction that will join Shari Redstone's media empire with an upstart studio run by the son of Oracle founder Larry Ellison.The deal breathes new life into an iconic Hollywood brand that's lost more than 70% of its market value since 2019, when Redstone recombined Viacom and CBS.The deal values the new company — for now being dubbed "New Paramount" — at roughly $28 billion and will follow a two-step process, the companies said.
The merger agreement includes a 45-day "go shop" provision, which means a superior bid remains possible. Jeff Shell, formerly the CEO of NBCUniversal and currently a Redbird executive, will become President.After the deal closes, the 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.
Paramount and Skydance already have worked together, co-producing films in the "Mission: Impossible," "Transformers," and "Terminator" franchises.
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