David Ellison emphasized the significance of the merger: “I am incredibly grateful to Shari Redstone and her family who have agreed to entrust us with the opportunity to lead Paramount. We are committed to energizing the business and bolstering Paramount with contemporary technology, new leadership, and a creative discipline that aims to enrich generations to come.”
Competitive Bidding and Executive Changes
The deal ends months of speculation about a potential combination with Skydance. Competing offers included a joint venture between Sony and Apollo Global Management and a bid from media mogul Byron Allen, as well as earlier reported talks with Warner Bros. Discovery.
Last month, reports indicated that negotiations were halted because Redstone was not satisfied with the terms. The deal also follows a late April executive shakeup at Paramount that replaced CEO Bob Bakish with a new “office of the CEO,” comprising three division heads: George Cheeks, president and CEO of CBS; Chris McCarthy, president and CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, president and CEO of Paramount Pictures and Nickelodeon.
Paramount Global merges with Skydance Media : Legal Representation
- The Ropes & Gray team representing National Amusements includes partners Jackie Cohen, Emily Oldshue, Peter Welsh, Marty Crisp, Scott Pinarchick, Renata Ferrari, Byung Choi, Michael McFalls, Ruchit Patel, and Erica Han.
- The Sullivan & Cromwell LLP team representing RedBird is led by corporate partners Alison S. Ressler and Eric M. Krautheimer.
- The Cravath team representing the Paramount special committee is led by partners Faiza J. Saeed, Daniel J. Cerqueira, Claudia J. Ricciardi, Andrew J. Pitts, George E. Zobitz, Lauren Angelilli, Eric W. Hilfers, Jonathan J. Katz, Christine A. Varney, Noah Joshua Phillips, David J. Kappos, Matthew Morreale, and Benjamin G. Joseloff.
- The Latham team representing Skydance Media and the investor group includes partners Justin Hamill, Bradley Faris, Ian Nussbaum, Max Schleusener, Rick Offsay, Liliana Paparelli Ranger, Pardis Zomorodi, Katharine Moir, and Julie Crisp.
- The Simpson Thacher team representing Paramount Global is led by M&A partners Katherine Krause and Eric Swedenburg.
