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Paramount Skydance

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Paramount Skydance Corporation
Company typePublic
IndustryMedia and entertainment
PredecessorParamount Global, Skydance Media, National Amusements
FoundedAugust 7, 2025; 15 months ago (2025-08-07) in Hollywood, Los Angeles, United States
FounderDavid Ellison
Headquarters
Hollywood, Los Angeles
,
United States
Area served
Worldwide (excluding Russia and Belarus)
Key people
David Ellison (Chairman and CEO), Jeff Shell (President), Andy Gordon (COO), Cindy Holland (Head of streaming), Dana Goldberg (Co-head of Paramount Pictures), Josh Greenstein (Co-head of Paramount Pictures), George Cheeks (Head of television networks), Matt Thunell (Head of Paramount Television Studios), Jesse Sisgold (Head of Paramount Sports Entertainment)
ProductsFilm production, music, television broadcasting, digital portals, cinema exhibition, video gaming, licensing, broadcasting, streaming, television distribution
Number of employees
13,800 (2025)

Paramount Skydance Corporation—commonly known as Paramount—is a global American media and entertainment powerhouse headquartered on the Paramount Pictures studio lot in Hollywood, Los Angeles. The company also maintains offices in Santa Monica and New York City.

Established on August 7, 2025, by David Ellison, Paramount Skydance emerged from the merger of Paramount Global and Skydance Media, incorporating National Amusements into the new entity. It is publicly traded on the Nasdaq stock exchange under the symbol "PSKY."

The corporation is structured around four primary segments:

  • Paramount Skydance Studios, which includes Paramount Motion Pictures Group, Paramount Television Group, and Paramount Experiences.
  • Paramount Streaming, responsible for key streaming platforms such as Paramount+ and PlutoTV, the Philo joint venture alongside A&E Global Media, AMC Networks, and Warner Bros. Discovery, as well as a 50% ownership in SkyShowtime in partnership with Comcast.
  • Paramount Skydance TV Media, overseeing both domestic and global linear television networks like CBS Entertainment Group, Paramount Media Networks (featuring BET Media Group, Nickelodeon, MTV Entertainment, and Showtime), and Paramount International Networks.
  • Paramount Sports Entertainment, dedicated to managing sports content and related assets.

As of November 2025, the company employs roughly 13,800 individuals and operates across multiple sectors including film production, music, television broadcasting, digital portals, cinema exhibition, and video gaming. Its services encompass licensing, broadcasting, streaming, and television distribution worldwide—excluding Russia and Belarus.

Background

The formation of Paramount Skydance in 2025 was preceded by a complex history of corporate mergers, divisions, and alliances involving Paramount Pictures, CBS, Viacom, and Skydance Media. These entities shared intertwined paths before consolidating into the current conglomerate.

1912–1986

Originally established in 1912 under the name Famous Players Film Company, Paramount Pictures laid the foundation for what would become a major film studio. Meanwhile, CBS was founded in 1927; from 1929 until 1932, Paramount held nearly half of CBS’s shares.

In 1952, CBS created CBS Television Film Sales to handle syndication rights for its network-produced shows. This division was renamed CBS Films in 1958 and later became CBS Enterprises Inc. in 1967. By 1970, it had transformed into Viacom. Due to Federal Communications Commission regulations preventing networks from owning syndication firms at that time, Viacom was spun off in 1971; these restrictions were lifted in 1993.

Separately, Gulf and Western Industries acquired Paramount Pictures in 1966. This parent company rebranded as Paramount Communications in 1989 to emphasize its entertainment focus.

1986–2005

In 1986, Viacom expanded its portfolio by acquiring MTV Networks and Showtime/The Movie Channel Inc. from Warner Communications and American Express. The following year, in 1987, theater chain operator National Amusements secured a controlling interest in Viacom.

By February 1994, Viacom had acquired a 50.1% ownership in Paramount Communications for $9.75 billion, outbidding shopping channel QVC. This merger was completed in July, establishing one of the world’s largest entertainment conglomerates. In 1999, Viacom revealed intentions to merge with its former parent company, CBS Corporation, previously known as Westinghouse Electric Corporation. The merger was finalized in 2000, reuniting CBS with its former syndication arm.

2005–2022

On December 31, 2005, Viacom underwent a division resulting in two separate entities: the reestablished CBS Corporation, serving as its corporate successor, and the newly spun-off Viacom (2005–2019).

Skydance Media was established in 2006 by David Ellison. In 2009, Skydance entered into a five-year collaboration agreement with Paramount Pictures for co-financing, production, and distribution, with Paramount retaining distribution rights. This partnership was renewed twice, once in 2013 and again in 2017.

Formation

Facing mounting debt and competitive market forces in 2023, Paramount’s parent company National Amusements pursued strategic merger and acquisition options. Potential suitors included Sony Pictures, Warner Bros. Discovery, Apollo Global Management, Warner Music Group, Allen Media Group, and Skydance Media.

Following unsuccessful merger negotiations with Skydance in June 2024, a preliminary deal was struck on July 2, 2024, for a three-way merger involving Skydance, National Amusements, and Paramount to form "New Paramount." Under this arrangement, Skydance CEO David Ellison assumed the roles of chairman and CEO of the combined entity, while Jeff Shell was appointed president.

Although Paramount initially targeted closing the transaction during the first half of 2025, the process experienced delays. Regulatory review periods were automatically extended through October 4, 2025. Both the SEC and European Commission granted approval in February 2025. In March, Skydance submitted correspondence to the FTC addressing competing offers following the expiration of a "go shop" period. Subsequently, FCC Chairman Brendan Carr expressed that mergers should discontinue policies supporting diversity, equity, and inclusion (DEI).

In July 2025, Oracle Corporation engaged in discussions with Skydance regarding a cloud software contract valued at $100 million annually after the merger’s completion. The FCC approved the Paramount-Skydance merger on July 24, with finalization anticipated by August 7.

Media reports suggested possible quid pro quo arrangements tied to governmental approval: it was alleged that Paramount paid $16 million to resolve litigation involving President Donald Trump and that CBS consented to cancel The Late Show with Stephen Colbert. Executives from CBS refuted these assertions, stating that the show's termination was strictly due to financial considerations.

Merger restructuring

On August 4, 2025, Paramount Skydance unveiled its revamped executive team, featuring David Ellison and Jeff Shell at the helm. Andy Gordon was appointed as COO and strategy officer, while Cindy Holland took charge of streaming platforms Paramount+ and Pluto TV. Dana Goldberg and Josh Greenstein assumed joint leadership of Paramount Pictures, and industry veteran George Cheeks from Paramount Global was named head of television networks. The organization was structured into three core divisions: studios (including Paramount Pictures, Skydance Pictures, Nickelodeon Movies, and dedicated film, television, and gaming sectors), direct-to-consumer (Paramount+ and Pluto TV), and television media (CBS, BET, MTV, Nickelodeon). Additionally, Showtime/MTV Entertainment Studios merged with Skydance Television to reestablish Paramount Television Studios under Matt Thunell’s leadership. Thunell’s focus was on studios and streaming content, while Cheeks managed production for traditional TV networks alongside the revitalized $1.5 billion South Park agreement.

In October 2025, live-action production units from Nickelodeon/Awesomeness were integrated into Paramount Television Studios. This division took over ongoing projects and upcoming titles such as the Victorious spin-off Hollywood Arts, which transitioned to Netflix as the first Nickelodeon-branded series produced by the relaunched studio.

On August 5, 2025, Paramount Skydance announced workforce reductions amounting to approximately 1,000 job cuts alongside $2 billion in operational savings. The company explored merging Paramount+ and Pluto TV with support from Oracle Corporation. Two days later, discussions emerged about potentially divesting National Amusements Inc.’s cinema holdings. Concurrently, Paramount relocated its headquarters to the Paramount Pictures lot in Los Angeles after departing One Astor Plaza—a location it had occupied since 1994. On August 11, a seven-year exclusive U.S. streaming agreement was finalized with TKO Group Holdings for Ultimate Fighting Championship (UFC) events on Paramount+, with select events simulcast on CBS beginning in 2026.

By mid-August, projects such as Top Gun 3 and Star Trek were prioritized as executives targeted an annual release slate of twenty films. Cindy Holland highlighted plans to broaden Paramount+ programming to engage global audiences year-round through franchises like Star Trek and live sports offerings. Streaming-exclusive films were deprioritized according to Ellison’s directives. Jeff Shell emphasized that the $2 billion cost-cutting initiative was intended as a singular major effort to prevent ongoing layoffs.

On August 19, a four-year agreement was secured with Stranger Things creators Matt and Ross Duffer for development of films, television series, and streaming content at Paramount+, commencing after their Netflix contract concludes in April 2026.

September featured multiple strategic partnerships: a live-action Call of Duty movie collaboration with Microsoft-owned Activision Blizzard; a multi-picture first-look deal with Will Smith’s Westbrook company relocating to the Paramount lot; and a three-year global distribution contract with Legendary Entertainment covering theatrical releases worldwide (excluding China). The initial Legendary release under this deal is the live-action adaptation of Street Fighter. Paramount also implemented a five-day in-office work policy during this period.

On September 5, Piers Morgan Uncensored transitioned from YouTube to the UK’s Channel 5 as a highlights program. A week later on September 12, Paramount Skydance launched a new sports media division named Paramount Sports Entertainment focused on producing scripted and unscripted content plus interactive games for its own platforms and third parties. This division collaborates with CBS Sports but does not manage live broadcasts. Jesse Sisgold leads this unit.

On September 16, AI executive Dennis K. Cinelli joined Paramount’s board of directors. Shortly thereafter, President of Worldwide Marketing and Distribution Marc Weinstock announced his departure; Josh Goldstine is anticipated to succeed him. Discussions began with former Trump administration official Makan Delrahim for a significant legal position within the merged entity. Pam Kaufman stepped down as President/CEO of International Markets and Global Consumer Products around this time.

In October, Bari Weiss was appointed CBS News editor-in-chief following the acquisition of her outlet The Free Press in a $150 million transaction. Paramount divested Argentine broadcaster Telefe along with associated assets to Grupo Televisión Litoral’s Gustavo Scaglione and José Luis Manzano. Taylor Sheridan exited for NBCUniversal after not receiving a contract renewal from Paramount; CBS News anchor John Dickerson also departed the company.

Late October saw layoffs affecting roughly 2,000 employees across motion picture production, marketing, music divisions, and television executives at CBS Entertainment, MTV, BET, and distribution units. Leadership changes occurred within studios under Matt Thunell at Paramount Television Studios during this period.

By November 10, reports surfaced indicating an additional 1,600 job cuts in South America aimed at achieving $3 billion in cost reductions; another 600 employees opted for severance packages instead of returning full-time to office work. The company sold Chilevisión to Vytal Group LTD amid these moves. Congressional Democrats criticized Paramount Skydance for inadequate cooperation during investigations related to merger approvals tied to the Trump administration era.

This restructuring initiative underscores Paramount Skydance's commitment to optimizing operations by emphasizing theatrical releases over streaming-exclusive films; expanding franchise content across multiple platforms; forging strategic alliances in sports media and live event distribution; realigning leadership roles; reducing workforce size for enhanced cost efficiency; and refining its portfolio through selective asset divestitures.

Potential collaboration with Apollo Global Management for acquisition of Warner Bros. Discovery

In December 2023, Paramount Global’s CEO Bob Bakish and Warner Bros. Discovery’s CEO David Zaslav convened to discuss a possible merger. Although initial discussions were exploratory and Zaslav was reportedly "not focused on deals," these talks concluded by February 2024.

By September 2025, reports emerged that Paramount Skydance was contemplating an acquisition of Warner Bros. Discovery, potentially bypassing Federal Communications Commission scrutiny due to WBD’s absence of broadcast licenses. The proposal sparked political attention, with Senator Elizabeth Warren calling for regulatory oversight. Valuation estimates ranged between $45 billion and $70 billion, with a potential per-share offer of $22–$24 supported by Larry Ellison. However, by late September, a cooperative agreement seemed improbable, indicating Paramount may need to appeal directly to WBD’s shareholders.

Opinions among industry executives varied: David Kramer from UTA regarded the merger as having both positive and negative implications for Hollywood, whereas FX Networks chairman John Landgraf considered large-scale consolidation unavoidable. Strategically, the merged company would command a vast content repository—combining Paramount Skydance’s 4,500 films and 200,000 television episodes with Warner Bros.’ 10,000 films and 120,000 episodes plus Discovery’s approximately 70,000 episodes—raising concerns about market competition and streaming services such as Pluto TV.

Financial assessments underscored that roughly 70% of EBITDA would still derive from traditional linear television following the merger, despite U.S. content expenditure surpassing $200 billion and continuing to grow.

In October 2025, CNBC identified NBCUniversal as a potential influential factor in the acquisition process. Warner Bros. Discovery declined Paramount Skydance's initial $20-per-share proposal and subsequently rejected a $24-per-share offer; Paramount is contemplating increasing its bid or appealing directly to shareholders. Simultaneously, Paramount Skydance enlisted private equity firms including Apollo Global Management to support a prospective $60 billion offer.

On October 28, Paramount CEO David Ellison revealed intentions to integrate HBO Max with Paramount+ if the acquisition is successful, paralleling Disney’s approach with Hulu and Disney+. Ellison highlighted plans to preserve much of Warner Bros. Discovery’s existing organizational framework.

Company divisions

Paramount Skydance operates through four principal business units:

  • Paramount Skydance Studios encompasses film and television production entities.
    • Paramount Motion Picture Group is responsible for theatrical film production and distribution via Paramount Pictures—its flagship label—as well as Paramount Animation, Paramount Players, and Nickelodeon Movies. It also owns Skydance Animation (including its Madrid branch), Republic Pictures, Miramax, and holds a 50% interest in United International Pictures. Paramount Pictures manages studio facilities, post-production services, archives, and supports Paramount Home Entertainment and Music divisions.
    • Paramount Television Studios specializes in producing television content for both broadcast networks and streaming platforms.
    • Paramount Experiences oversees merchandising through Paramount Consumer Products, operates theme parks, and manages video game studios including Skydance Interactive and Skydance New Media.
  • Paramount Skydance Direct-to-Consumer administers global over-the-top streaming platforms such as Paramount+, Pluto TV, SkyShowtime (a 50% joint venture with Comcast/Sky Group), CBS News 24/7, CBS Sports HQ, along with a stake in FuboTV acquired in 2020.
  • Paramount Skydance TV Media manages domestic and international linear television channels including See It Now Studios and holds a 50% ownership in South Park Digital Studios.
    • CBS Entertainment oversees CBS network operations, CBS Studios, CBS Media Ventures (which includes Big Ticket Television), CBS News and Stations division, CBS Sports, and maintains a 12.5% ownership share in The CW alongside Warner Bros. Television Group.
    • BET Media Group operates BET-branded channels along with BET Studios.
    • Paramount Media Networks controls U.S.-based pay-TV channels such as MTV; Nickelodeon (with animation studios Avatar Studios and Nick Jr.); Comedy Central; TV Land; Paramount Network; Logo; CMT; Pop TV; Showtime; The Movie Channel; Flix; VH1; and Smithsonian Channel.
    • Paramount International Networks manages international cable channels via regional hubs located in the UK & Australia; Europe, Middle East, Africa & Asia (EMEAA); and the Americas. It also operates region-specific free-to-air networks including Channel 5 (UK), Network 10 (Australia), Chilevisión (Chile), and co-owns former CBS channels in Europe alongside AMC Networks International.
    • Paramount Global Content Distribution is responsible for worldwide distribution of Paramount’s television networks and streaming content.
  • Paramount Sports Entertainment develops both scripted and unscripted sports-related programming as well as interactive sports gaming experiences. This division includes Skydance Sports—a joint venture established with the NFL.

Additional holdings under Paramount Skydance include National Amusements subsidiaries such as Showcase Cinemas along with UCI Cinemas’ operations in Brazil.

Board of Directors

Executive Team

  • David Ellison, Chairman and Chief Executive Officer
  • Jay Askinasi, Chief Revenue Officer
  • George Cheeks, Chairman of Television Media
  • Makan Delrahim, Chief Legal Officer
  • Dane Glasgow, Chief Product Officer
  • Dana Goldberg, Co-Chair of Paramount Pictures and Chair of Paramount Television
  • Andy Gordon, Chief Strategy Officer and Chief Operating Officer
  • Josh Greenstein, Co-Chair of Paramount Pictures and Vice Chair of Platforms
  • Cindy Holland, Chair of Direct-to-Consumer Division
  • Stephanie Kyoko McKinnon, General Counsel
  • Jeff Shell, President
  • Jim Sterner, Chief People Officer
  • Andrew C. Warren, Executive Vice President and Interim Chief Financial Officer
  • Melissa Zukerman, Chief Communications Officer
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