Announcement • Aug 07

Group of Investors led by Ellison Family RedBird Capital Partners LLC completed the acquisition of an unknown stake in Paramount Global (NasdaqGS:PARA).

Group of Investors led by Ellison Family RedBird Capital Partners LLC entered into a definitive agreement to acquire an unknown stake in Paramount Global (NasdaqGS:PARA) for $4.5 billion on July 7, 2024. National Amusements, Inc. (NAI) holds approximately 77.4% of the Paramount Class A shares, has delivered a written consent approving the transaction. Investors Group will offer Offer Class A stockholders other than NAI an election to receive in the merger $23 cash per share or 1.5333 shares of Class B stock of New Paramount; Offer Class B stockholders other than NAI an election to receive in the merger $15 cash per share or one share of Class B stock of New Paramount, subject to proration if Class B elections exceed $4.3 billion in the aggregate (approximately 48% of the non-NAI float as of the date of this release); and will invest $1.5 billion of primary capital to be added to Paramount’s balance sheet. Post transaction close, Investor Group will own 100% of New Paramount Class A Shares and 69% of outstanding Class B shares, or approximately 70% of the pro forma shares outstanding. In a related transaction, NAI and its owners have entered into a definitive agreement to sell NAI to Investors Group for for $2.4 billion on a cash-free, debt-free basis. In another separate transaction, Skydance will merge with Paramount in an all-stock transaction, valuing Skydance at $4.75 billion; Skydance equity holders will receive 317 million Class B Shares valued at $15 per share. Skydance will merge with Paramount in a transaction valuing New Paramount at an enterprise value of approximately $28 billion. Following the close of the transaction and the growth equity investment and assuming full participation in the cash election by Class B stockholders, Class B stockholders will own approximately 30% of the outstanding equity of New Paramount and Skydance IG will own approximately 70% of the outstanding equity of New Paramount. When the transaction closes, David Ellison will become Chairman and Chief Executive Officer. Jeff Shell, Chairman of RedBird Sports & Media and former CEO of NBCUniversal, will be President. The definitive Transaction Agreement includes a 45-day go-shop period during which the Special Committee of Paramount’s Board of Directors, with the assistance of its financial advisors, will be permitted to actively solicit and evaluate alternative acquisition proposals. Paramount will be required to pay a breakup fee of $400 million in case of termination due to accepting a superior proposal. The consummation of the transaction is not subject to any financing condition. Completion of this transaction is subject to regulatory approvals,the approval for listing on Nasdaq of the shares of New Paramount Class B common stock,the effectiveness of the registration statement on Form S-4 and other customary closing conditions. Agreement has been approved by the Paramount Board of Directors, acting on the unanimous recommendation of the Special Committee. NAI, which holds approximately 77% of the Paramount Class A shares, has delivered a written consent approving the transaction. On January 2, 2024, the Board of Directors of Paramount formed a Special Committee of independent directors to evaluate strategic alternatives, including third party proposals. The Special Committee reviewed, negotiated, unanimously approved and recommended the Skydance transaction for approval by the Board. Following formal approval by the Board, the Transaction Agreement was signed. The transaction is anticipated to close in the first half of 2025. Transaction is anticipated to close by September 30, 2025. As of February 12, 2025, The European Commission (EC) has approved the proposed merger. As of July 7, 2025, 90-day extension triggered leaving the parties and the FCC more time to nail things down. As of July 25, 2025 Federal Communications Commission has approved the transaction. RedBird Advisors, BofA Securities, Inc., Moelis & Company LLC and The Raine Group serve as financial advisors and Justin Hamill, Bradley Faris, Ian Nussbaum and Max Schleusener of Latham & Watkins LLP serves as legal counsel to the Investor Group. Alison Ressler, Eric Krautheimer, Ari Blaut, Isaac Wheeler, Juan Rodriguez and Renata Hesse of Sullivan & Cromwell LLP serves as legal counsel to RedBird Capital Partners. Centerview Partners LLC serves as financial advisor and fairness opinion provider to the Paramount Special Committee and Faiza J. Saeed, Daniel J. Cerqueira and Claudia J. Ricciardi of Cravath, Swaine & Moore LLP serves as legal counsel. Rothschild & Co serves as financial advisor to Paramount Global and Eric Swedenburg, Katherine Krause, Jamin Koslowe, Kristy Fields, Jonathan Goldstein, Brian Steinhardt, Hui Lin, Jonathan Lindabury, Lori Lesser, Sara Razi, Michael Isby and Krista McManus and Dennis Loiacon of Simpson Thacher & Bartlett LLP serves as legal counsel. Jackie Cohen and Emily Oldshue of Ropes & Gray LLP acted as legal advisor to Paramount. BDT & MSD Partners served as financial advisor to National Amusements, Inc. and Ropes & Gray LLP served as legal counsel. LionTree served as financial advisors to Paramount Global. Group of Investors led by Ellison Family RedBird Capital Partners LLC completed the acquisition of an unknown stake in Paramount Global (NasdaqGS:PARA) on August 7, 2025.

Paramount Global Stock Price

PARA Share Price Performance

PARA Community Narratives

Digital Focus And Skydance Transaction Will Unlock Global Potential

Streaming Scale And Sports Expansion Will Drive A Powerful Media Turnaround

Expanded Theatrical Slate And Rising Content Spend Will Pressure Future Margins

Expanded Theatrical Slate And Rising Content Spend Will Pressure Future Margins

Streaming Scale And Sports Expansion Will Drive A Powerful Media Turnaround

Digital Focus And Skydance Transaction Will Unlock Global Potential

Trending Discussion

Recently Updated Narratives

Expanded Theatrical Slate And Rising Content Spend Will Pressure Future Margins

Streaming Scale And Sports Expansion Will Drive A Powerful Media Turnaround

Digital Focus And Skydance Transaction Will Unlock Global Potential

Snowflake Analysis

Paramount Global Key Details

About PARA

Recent PARA News & Updates

Paramount Global(NasdaqGS:PARA.A) dropped from NASDAQ Composite Index

Group of Investors led by Ellison Family RedBird Capital Partners LLC completed the acquisition of an unknown stake in Paramount Global (NasdaqGS:PARA).

Recent updates

Paramount Global Competitors

Take-Two Interactive Software

Live Nation Entertainment

TKO Group Holdings

Roblox