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Paramount agrees to sweetened Skydance merger deal
The deal is expected to close in the first half of 2025.
Bloomberg reports that Paramount has $14.6 billion of debt as of March, partially attributed to streaming losses and a decline in the company’s broadcast and cable TV business. “Given the changes in the industry, we want to fortify Paramount for the future while ensuring that content remains king,” said Redstone, citing a phrase often associated with her late father. The merger announcement follows months of negotiations, with the agreement initially appearing to be called off in June after the companies couldn’t “reach mutually acceptable terms.” According to Reuters, the new deal offered by Skydance increases the Redstone family’s payout to $1.75 billion and bolsters legal protections against potential shareholder lawsuits.
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