Shari Redstone Owned Paramount Global merges with Skydance

By: GWL Team | Tuesday, 9 July 2024

The troubled media giant owning CBS and Nickelodeon, Paramount Global merges with Skydance Media production company of David Ellison, having created ‘New Paramount’. Founded in 1976, the firm caters in the Packaging and Containers Manufacturing industry with specialities in Rigid Packaging, Freight Forwarding Services, Warehousing & Logistics Services, Dangerous Goods, Packaging Distribution and much more.

Having faced the struggling period in the recent year, Paramount contended to adapt to a generation of viewers going digital, as per Business Insider's Peter Kafka. It has made every profit amid digital shift of the industry in 2023 from traditional TV networks. The companies stated, “Ellison plans to improve profitability, foster stability and independence for creators, and enable more investment in faster growing digital platforms.”

The company has laid off 800 employees in February 2024 globally even after noticing record viewers during Super Bowl LVIII across Paramount+, networks and streaming platform of the firm. This took place soon after in late 2023 when it became an acquisition target. Putting up the topic, Paramount has discussed potential mergers with Warner Bros., Discovery CEO David Zaslav, producer Byron Allen, and private-equity firm Apollo Global Management, among others. In conclusion, the New Paramount shall create new topics having two firm behind it to operate.

However, the media heir of Paramount Global, Shari Redstone who also owns a controlling stake in the firm preferred a deal with Skydance via her holding company National Amusements because the merger can stack Paramount intact.