William Simpson
Discussions about the merger between National Amusements, which controls Paramount Global, and Skydance Media ended without an agreement.
The two companies “were unable to reach mutually acceptable terms regarding the potential transaction with Skydance Media to acquire a controlling interest in NAI,” National Amusements said in a statement to CBS News.
The announcement ends months of speculation that National Amusement controlling shareholder Shari Redstone was orchestrating a merger between Paramount Global, owner of the Paramount film studio and CBS News, and Skydance, an entertainment company founded by David Ellison , son of Oracle. founder Larry Ellison.
The transaction would have ended the Redstone family’s long management of Paramount, which was built on the corporate foundation laid by their late father, entertainment mogul Sumner Redstone.
However, Redstone is now pursuing the sale of just National Amusements rather than also trying to merge Paramount into another media business like Skydance. according to for a report Tuesday in the Wall Street Journal. Redstone controls National Amusements, which owns 77% of Paramount’s Class A shares.
In the NAI statement, the company said it is supporting the strategic plan undertaken by Paramount’s Office of the CEO, which was created in April when former CEO Bob Bakish stepped down. The CEO position is held by three Paramount Global executives: CBS CEO George Cheeks; Chris McCarthy, CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, CEO of Paramount Pictures and Nickelodeon.
“NAI supports the recently announced strategic plan being executed by Paramount’s Office of the CEO, as well as its ongoing work and that of the company’s board of directors to continue exploring opportunities to drive value creation for all Paramount shareholders ,” the statement said.
Skydance, a relative newcomer to the media industry founded by David Ellison in 2010, has produced or co-produced hit films and TV shows including “Top Gun: Maverick” and the “Reacher” series.
—Reporting by Jo Ling Kent of CBS News.
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