On August 7, 2025, Skydance Media and Paramount Global completed their previously announced business combination, creating Paramount, a Skydance Corporation (“Paramount”), a standalone global media and entertainment company. The transaction, valued at approximately US$8 billion and announced on July 7, 2024, was effected through a series of mergers under the Transaction Agreement among Paramount Skydance Corporation (formerly New Pluto Global, Inc.), Paramount Global, Skydance Media, LLC, and related merger subsidiaries. Substantially concurrently with closing, the Ellison family and RedBird Capital Partners completed a separate transaction to acquire National Amusements, Inc. (“NAI”), Paramount Global's former controlling shareholder, providing long-term strategic capital to the combined company.
Following closing, Paramount Class B shares began trading on the Nasdaq Stock Market under the new ticker symbol “PSKY,” replacing Paramount Global's prior NASDAQ listing. David Ellison, founder of Skydance Media, became Chairman and chief executive officer of the combined company, with former NBCUniversal CEO Jeff Shell joining as President. The combination brings together Paramount's portfolio of iconic studio and media assets, including Paramount Pictures, CBS, Nickelodeon, MTV, Comedy Central, BET, Showtime, and the Paramount+ streaming service, with Skydance's film, television, animation, gaming, and sports production businesses. The deal closed only after extended U.S. regulatory review, with the US Federal Communications Commission approving the transfer of CBS broadcast licenses in July 2025.
BLG acted as Canadian competition and foreign investment counsel to Skydance Media and Paramount Global, with a team led by Subrata Bhattacharjee that included Denes Rothschild and Pierre N. Gemson (Partners) and Mohit Sethi (Senior Associate). Latham & Watkins LLP acted as counsel to Skydance Productions, LLC and as lead global antitrust counsel on the transaction. Ropes & Gray LLP and Cravath, Swaine & Moore LLP acted as counsel to National Amusements, Inc., and Simpson Thacher & Bartlett LLP acted as counsel to Paramount Global.
