The entertainment giant Paramount will merge with Skydance, closing out a decades-long run by the Redstone family in Hollywood.
FILE - The main gate to Paramount Studios is seen on Melrose Avenue, July 8, 2015, in Los Angeles. Entertainment giant Paramount has agreed to merge with Skydance , a deal that will hand over control of the company that owns CBS and the studio behind blockbuster films such âTop Gunâ³ and âThe Godfather." The new combined company is valued at around $28 billion.
Just weeks after turning down a similar agreement with Skydance, however, Redstone agreed to a deal on terms that had not changed much. Skydance was founded in 2010 by David Ellison and it quickly formed a production partnership with Paramount that same year. If the deal is approved, Ellison will become chairman and chief executive officer of what’s being called New Paramount.
Executives also outlined further restructuring plans for New Paramount on Monday’s conference call, with chairman of RedBird Sports and Media Jeff Shell noting that they had identified some $2 billion in cost efficiencies and synergies that they'll “attempt to deliver pretty rapidly.” Paramount is one of Hollywood’s oldest studios, dating back its founding in 1914 as a distributor. Throughout its rich history, Paramount has had a hand in releasing films — from “Sunset Boulevard" and “The Godfather," to “Raiders of the Lost Ark” and “Titanic.”
This year the release calendar is similarly modest, especially with the absence of “Mission: Impossible 8,” which was pushed to 2025 amid the strikes. The studio has had some successes, with “Bob Marley: One Love” and “A Quiet Place: Day One,” and still to come is Ridley Scott’s “Gladiator” sequel.
Skydance Merger Redstone Ellison Hollywood Entertainment Media
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Paramount and Skydance Merge, Signaling End of Redstone Family’s Reign in HollywoodSource of breaking news and analysis, insightful commentary and original reporting, curated and written specifically for the new generation of independent and conservative thinkers.
Read more »
Paramount and Skydance merge, signaling end of a family reign in HollywoodThe entertainment giant Paramount will merge with Skydance, closing out a decades long run by the Redstone family in Hollywood and injecting desperately needed cash into a legacy studio that has struggled to adapt to a shifting entertainment landscape.
Read more »
Paramount and Skydance merge, signaling end of Redstone family reign in HollywoodThe entertainment giant Paramount will merge with Skydance, closing out a decades-long run by the Redstone family in Hollywood and injecting desperately needed cash into a legacy studio that has struggled to adapt to a shifting entertainment landscape.
Read more »
Paramount y Skydance se fusionan al final de un reinado familiar en HollywoodEl gigante del entretenimiento Paramount se fusionará con Skydance, cerrando una carrera de décadas de la familia Redstone en Hollywood e inyectando el dinero que necesita desesperadamente un estudio heredado que ha luchado por adaptarse a un panorama de entretenimiento cambiante.
Read more »
Hollywood theater owners are worried a Paramount-Skydance merger will usher in too much consolidationParamount and Skydance have long been production partners, co-financing and distributing around 30 films.
Read more »
Paramount's board approves bid by David Ellison's Skydance Media in sweeping Hollywood dealTech scion David Ellison's Skydance Media will gain control of Paramount, marking the end of the Redstone family's reign over the storied studio.
Read more »