Skydance Media chief David Ellison said an $8 billion investment by the company and its backers will enable Paramount Global to “double down on its core competency” and embrace technology.
Ellison, future Paramount President Jeff Shell and a handful of other stakeholders detailed their plans for the legacy media company during a call with investors this morning.
Late Sunday, the takeover was confirmed by the companies, which had been in talks since late-2023. The deal marks a milestone for the Redstone family, which is exiting the media business after nearly four decades as a defining presence in the sector.
During the nearly hour-long call, Ellison and others laid out the vision for “New Paramount,” saying its credit would return to investment-grade status by 2026.
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