Skydance Finally Takes Control Of Paramount

After a year and a half, Skydance, the premium production company and film financier run by David Ellison, has finally completed its $8.4 billion takeover of Paramount Global.

The Big Picture: Mergers in Hollywood are never simple, but Skydance’s bid for Paramount seemed extra challenging — featuring tense negotiations with Shari Redstone, boardroom clashes, shareholder lawsuits, and even a legal skirmish with Donald Trump involving CBS. By holding firm (and bringing deep pockets to the table), the 42-year-old Ellison now becomes one of the youngest studio moguls since Hollywood’s early days.

Behind the Scenes: With Ellison at the helm, changes are coming from Paramount… or what will now be officially known as “Paramount, A Skydance Corporation.”

• Paramount, which has started trading on the Nasdaq under the ticker “PSKY,” will be restructured into three divisions: studios, direct-to-consumer, and TV media.
• Ellison has installed former NBCU chief Jeff Shell as president to oversee daily operations and appointed a new 10-person board that includes former Paramount movie head Shari Redstone and Oracle CEO Safra Katz.
• Plans call for aggressive streaming investments, especially in premium originals, with Paramount+ and Pluto TV uniting on the same tech stack — positioning Pluto as a gateway to paid subscriptions.
• Still, Ellison is targeting $2 billion in cost cuts — potentially by eliminating tech redundancies, spinning off struggling TV assets, selling National Amusements, and, inevitably, implementing layoffs.

The Future: Paramount remains one of Hollywood’s crown jewels, though it has trailed its competitors for years. Ellison’s pitch has always been to restore the studio to its former glory by investing in creative (more theatrical releases) and tech upgrades (AI-driven optimization). No matter what, Ellison plans to be here for a long time and a good time, telling investors: “Our financial North Star is to maximize the long-term value of the company.”

First Moves: Having wasted no time in winning its first major movie-bidding war, expect Paramount to roll out a wave of high-profile talent deals and marquee projects throughout the rest of the year.