Paramount Global Class A Stock News

Paramount, A Skydance Corporation, will now be Paramount, an L.A.-based operation. After the $8.4 billion closing of the merger of Paramount and Skydance formally closed on Thursday, company leaders visited New York for a press conference.

"Today marks Day One of a new Paramount," David Ellison, new CEO of the merged Skydance and Paramount, said Thursday.

Paramount's new chairman and chief executive, David Ellison, outlined a plan to transform the century-old entertainment company into a technology-driven media enterprise in an open letter marking the completion of the merger with Skydance Media.

The new Paramount has laid out the employment contracts for its executive team led by chairman-CEO David Ellison and President Jeff Shell. Both are starting today as the Skydance-Paramount merger closes with five year contracts that carry an annual base salary of $3.5 million, a target bonus of $1.

Paramount Global and Skydance Media have completed their $8.4 billion merger that was announced more than a year ago, the companies said, capping a long-drawn deal process marked by political scrutiny and shareholder concerns.

David Ellison, the new CEO of Paramount, referred to what he called a “challenging period” for CBS News, while praising the division's “long tradition of impactful reporting,” including the legacy of 60 Minutes.

Skydance Media has closed their deal to purchase Paramount for $8 billion, CEO David Ellison announced Thursday—capping off a tumultuous bid to win regulatory approval and two weeks after the FCC finally greenlit the deal announced in July 2024.

Paramount Global and Skydance Media have finally reached the end of their long and winding merger road, announcing the close of their $8.4 billion combination and opening a new chapter for Hollywood. The newly combined company is officially known as “Paramount, A Skydance Corporation.