LOS ANGELES, July 25 (Reuters) – Paramount Global (PARA.O), opens new tab said on Friday it expects to complete its merger with Skydance Media by August 7, following government approval for the $8.4 billion deal.
After the deal closes, the company will be renamed Paramount Skydance Corp and its Class B shares will trade under the ticker symbol PSKY.
Skydance CEO David Ellison is prepared to assume the helm at Paramount Skydance, home to the venerable Paramount Pictures, the CBS broadcast network, and a collection of cable television channels.
The new chief executive already is confronted with questions from investors about the future of the Paramount+ streaming service, plans for Paramount’s declining television assets, and forecasts for spending on content — including professional sports.
“Now that the long, drawn-out sale process is finally nearing its end, Skydance leadership is poised to take control,” wrote MoffettNathanson media analyst Robert Fishman. “With that, the real work begins — rebuilding Paramount, addressing the critical strategic questions ahead, and charting a path toward a more sustainable and competitive future.”
Announced more than a year ago, the merger will unite Paramount’s prized film and TV library including classics such as “Ferris Bueller’s Day Off” and “Breakfast at Tiffany’s,” with films it produced with Skydance, including “Top Gun: Maverick” and “Mission: Impossible – Dead Reckoning.”
Ellison was not available for comment. He has previously said he plans to expand Paramount’s technological capabilities, rebuild the Paramount+ platform and grow the streaming business, and reorganize the business to prioritize cash flow. A year ago, he said the team had identified $2 billion in cost savings.