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Skydance Closes $8 Billion Paramount Acquisition
David Ellison’s Skydance Media has closed its $8 billion merger with Paramount Global to create new company Paramount Skydance Corp.
In an open letter released with the deal close, Ellison, who will serve as Paramount chairman and CEO, reiterated Skydance’s promise to realize $2 billion in cost synergies post-merger, adding he now has “greater confidence in our ability to not only achieve — but meaningfully exceed” that figure through plans to “transition the entire enterprise to a single technology platform.” “I am thrilled and honored to write to you as Chairman and CEO, as — together with our Board, our new executive leadership team, and our colleagues around the world — we embark on the exciting next chapter of this legendary company.” The company remains vague on plans for Paramount’s cable offering, with Ellison writing in his Thursday note: “On the TV Media side, our challenge is to reinvent our portfolio of brands for a non-linear world.
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