Skydance Deal Will Help Paramount “Double Down On Core Competency” And Embrace Technology, David Ellison Tells Investors

Skydance Media chief David Ellison said an $8 billion investment by the company and its backers will enable Paramount Global to “double down on its core competency” and embrace technology.

Skydance chief David Ellison, future Paramount President Jeff Shell and other stakeholders detailed their plans for the legacy media company during a call with investors this morning. Late Sunday, the takeover was confirmed by the companies, which had been in talks since late-2023. The deal marks a milestone for the Redstone family, which is exiting the media business after nearly four decades as a defining presence in the space.

After the formal announcement indicated the deal would close in the first half of 2025, execs said on the investor call that the close would likely be in the third quarter of next year. Because broadcast network CBS and local stations are part of the package, regulators will likely take a particularly close look.

Rather than shuttering Paramount+ as some investors and analysts have recommended, Ellison and his team plan to improve its technology and operate it in much the same form as it is currently in.

MORE to come …