Simpson Thacher & Bartlett LLP is representing Paramount Global. Latham & Watkins LLP is legal counsel to Skydance and the investor group. Sullivan & Cromwell LLP is advising RedBird. Ropes & Gray LLP is legal counsel to National Amusements Inc. Cravath Swaine & Moore LLP is legal counsel to a special committee of Paramount’s board of directors.
Approval and Strategic Vision
The deal includes a 45-day “go-shop period” for other bidders to make offers, the statement said. The Paramount special committee of independent directors and Paramount’s controlling shareholder, Shari Redstone, have approved the deal. Redstone controls Paramount through her stake in National Amusements.
“Given the changes in the industry, we want to fortify Paramount for the future, while ensuring that content remains king,” Redstone said in a statement. “Our hope is that the Skydance transaction will enable Paramount’s continued success in this rapidly changing environment.”
Paramount Global merges with Skydance Media : Impact on the Entertainment Industry
The transaction will combine Paramount-owned CBS, MTV, and Nickelodeon with Skydance, an emerging movie studio with co-production credits on Paramount’s “Top Gun: Maverick.” Founded in 1912, Paramount Pictures has produced iconic films such as “Titanic,” “The Godfather,” “Forrest Gump,” and the “Transformers” franchise.
