After Paramount Merger Talks Collapse, Skydance CEO David Ellison Tells Staff: ‘We Are Stronger Because of This Process’

variety.com:

Todd Spangler NY Digital Editor David Ellison, chief executive of Skydance Media, thanked employees of his company for their focus as he was engaged in a months-long bid to merge with Paramount Global.

And even though that effort failed, he said that Skydance is stronger after having gone through the M&A cycle. On Tuesday, Shari Redstone’s National Amusements, the controlling shareholder of Paramount Global, said it had ended merger talks with Skydance because it was not able “to reach mutually acceptable terms regarding the potential transaction with Skydance Media for the acquisition of a controlling stake in NAI.” In a memo to Skydance staffers Tuesday evening obtained by Variety, Ellison wrote, “As you all know, for the last several months we have been actively exploring a transaction to acquire NAI and merge with Paramount Global, and today that chapter ended.” “Skydance is stronger than ever because of you, and we are stronger because of this process,” he wrote. “For starters, we are smarter.

We know more about our business, our potential, and the marketplace at large.” Ellison thanked his team in the memo, writing, “While I was focused on this effort, you all doubled down on Skydance.

In just a short time since we went back to work after a historic two-guild strike, you have delivered more TV product in our company’s history, hit video game franchises, Emmy-winning sports content, and a feature film slate that is our industry’s finest.