In accordance with the agreement, Shari Redstone, the non-executive chair of Paramount, will sell her family’s majority ownership of the business in a convoluted deal that would create a new company valued at about $28 billion (£21.9 billion).
For the Redstone family, it is the end of an era. Their late patriarch, Sumner Redstone, built a massive media company out of a network of drive-in theaters.
In addition to Paramount, the networks that make up this group are news , Comedy Central, Nickelodeon, and TV.
In a statement, Ms. Redstone stated, “We hope that the Skydance transaction will enable Paramount’s continued success in this rapidly changing environment.”
The corporation claims that its TV channels are available in more than 180 countries and have a global subscriber base of over 4.3 billion people.
The proposed merger would unite Paramount, the studio behind beloved movies like Chinatown and Breakfast at Tiffany’s, with its financier for a number of high-profile recent releases, such as Star Trek Into Darkness and Top Gun: Maverick.
In accordance with the deal, Skydance will contribute almost $8 billion to Paramount, including $2.4 billion to National Amusements, the company that owns the group.
Although National Amusements only holds 10% of the shares of Paramount Group, it is responsible for over 80% of its voting rights.
