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Done deal! Paramount approves $8 billion bid from Skydance Media

Once approved, Skydance CEO David Ellison will become CEO of the new company, currently named New Paramount

The long drawn-out saga of the future of Paramount Global appears to have reached an end after a special committee approved an $8 billion bid from Skydance Media to take over the company.

The deal values the company at around $28 billion and will include Skydance paying $2.4 billion for National Amusements, the largest shareholder in Paramount.

The deal is subject to regulatory approval. Once approved, Skydance CEO David Ellison will become CEO of the new company, currently named New Paramount. Former NBCUniversal CEO Jeff Shell is expected to be appointed president.

Speaking about the deal, Sheri Redstone, owner of National Amusements said: “Given the changes in the industry, we want to fortify Paramount for the future while ensuring that content remains king. Our hope is that the Skydance transaction will enable Paramount’s continued success in this rapidly changing environment.

“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. We believe in Paramount and we always will.”

In his own statement, Ellison said the new entity will have “a focus on technological advancements, across multiple entertainment platforms including animation, gaming, film, sports, news and television”.

Rumours of Paramount sale first began in April when Sony looked to muscle in on the company’s talks with Skydance. That then led to the ousting of CEO Bob Bakish after he reportedly opposed a deal with Skydance.

Sony and Apollo Management flirted with the idea of acquiring Paramount, submitting a $26 billion bid for the company which never really got off the ground.

At the end of May, Skydance re-entered the fray with a new proposal, but that was rejected by Redstone. Last week the two sides began talks again with a deal confirmed late on Sunday night.