(Reuters) -Paramount World and Skydance Media have accomplished their $8.4 billion merger that was introduced greater than a 12 months in the past, the businesses mentioned, capping a long-drawn deal course of marked by political scrutiny and shareholder considerations.
Renamed “Paramount Skydance Corp”, the corporate’s Class B shares will begin buying and selling on the Nasdaq below the ticker image PSKY from Thursday.
The merger brings collectively a significant participant within the business with a sprawling international distribution community and a prized movie and TV library, together with classics akin to “Breakfast at Tiffany’s”, with Skydance’s manufacturing and technological capabilities.
“Right this moment marks Day Certainly one of a brand new Paramount…the approaching months will probably be outlined by a collection of targeted efforts to re-engineer how our firm operates, produces its artistic content material, and goes to market,” mentioned David Ellison, Chairman and CEO of the mixed firm.
The corporate will probably be structured into three enterprise segments – studios, direct-to-consumer and TV media – with Ellison emphasizing the necessity to broaden Paramount’s technological capabilities, develop its streaming enterprise and prioritize money circulation.
The merger got here at a time when Paramount, like different legacy media gamers, was scuffling with sagging conventional linear TV enterprise as shoppers shift to streaming platforms. Paramount took almost $6 billion in write-downs on cable property.
The Federal Communications Fee cleared the merger final month, weeks after Paramount settled a lawsuit filed by U.S. President Donald Trump over CBS’ modifying of a “60 Minutes” interview along with his Democratic opponent Kamala Harris.
(Reporting by Deborah Sophia in Bengaluru)
