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Al-Mashat: I call on everyone worldwide to avoid dealing with any assets of the entity, and there is still an opportunity for settlers to return to their countries
Al-Mashat: A final warning to all companies in the occupation entity to leave before it’s too late
The Israeli occupation army carries out a deadly airstrike on a populated residential building in the densely populated al-Rimal neighborhood, west of Gaza City, resulting in dozens of fatalities and injuries: Al Mayadeen's correspondent
Al-Mashat: We say to Gaza, we stand firm regarding our stance, no matter the sacrifices
Al-Mashat: We will meet challenge with challenge, and you will no longer have any sense of security
Al-Mashat: We say to the Zionists, our revenge is unyielding, and dark days await you
Al-Mashat: We will take revenge, and we will come out victorious from the depths of our wounds
Al-Mashat: Our people are capable of overcoming all difficulties and challenges, and the enemy will not be able to break our steadfastness, nor will we be intimidated by raids or terrified by threats
President of the Yemeni Supreme Political Council Mahdi al-Mashat: The Government of Change and Building will carry out its duties in a caretaker capacity, and the blood of the martyrs will serve as a motivation for steadfastness and reconstruction
The Yemeni presidency mourns Yemeni Prime Minister, Ahmad al-Rahawi, and several other ministers in the Israeli aggression on Thursday

Paramount Pictures merges with Skydance in $28 billion deal

  • By Al Mayadeen English
  • Source: Agencies
  • 8 Jul 2024 16:47
2 Min Read

CBS parent company Paramount Pictures has merged with previous film collaborator Skydance after six months of negotiations.

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  • The main gate to Paramount Studios is seen on Melrose Avenue in Los Angeles, July 8, 2015. (AP)
    The main gate to Paramount Studios is seen on Melrose Avenue in Los Angeles, July 8, 2015. (AP)

Renowned media conglomerate and CBS parent company, Paramount Globe, agreed to merge with independent studio film studio Skydance, the companies announced on Sunday, ending the Redstone family reign.

After six months of negotiations, Paramount chair Shari Redstone – whose father purchased the company in 1994 – authorized the sale of the family’s controlling stake, enabling the $28 billion deal to proceed.

“Given the changes in the industry, we want to fortify Paramount for the future while ensuring that content remains king,” Redstone said.

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As part of the merger deal, Skydance is required to invest $8 billion into the new company and pay an additional $2.4 billion to buy National Amusements, the Redstone family-holding company that carries 80% of Paramount's voting shares. This was achieved through the production company’s consortium of investors that enabled the purchase, backed by various private equity firms such as RedBird Capital Partners.

“I am incredibly grateful to Shari Redstone and her family who have agreed to entrust us with the opportunity to lead Paramount,” said Skydance chair David Ellison, son of tech mogul and Oracle co-founder Larry Ellison. “We are committed to energizing the business and bolstering Paramount with contemporary technology, new leadership, and a creative discipline that aims to enrich generations to come.”

Before the merger deal, the studios have collaborated on multiple big projects in the past, including "Top Gun: Maverick", "Star Trek Into the Darkness", and "Mission Impossible – Dead Reckoning."

“As a longtime production partner to Paramount, Skydance knows Paramount well and has a clear strategic vision and the resources to take it to its next stage of growth, Redstone said, adding, "We believe in Paramount and we always will."

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