Skydance and Paramount closed an $8 billion merger, according to the Associated Press, launching the reign of a new entertainment giant and concluding a long, contentious transaction.
The new company brings Paramount’s legacy Hollywood footprint, major TV networks — including CBS and MTV — streaming services and more under the umbrella of Skydance founder David Ellison.
The merger’s close came two weeks after it received regulatory approval from the Trump administration, but the transaction had been embroiled in months of scrutiny, especially amid President Donald Trump’s legal battle with CBS’ “60 Minutes.”
To avert the Trump administration’s potential blocking of the deal with Skydance, Paramount in early July agreed to pay a $16 million settlement to the president.
