Skydance Takes 70% Stake, Full Voting Control Of Paramount; David Ellison Becomes CEO

Benzinga

Skydance Media has finalized its acquisition of Paramount, giving the company a 70% economic stake and 100% voting control, according to Barron's. David Ellison, son of Oracle co-founder Larry Ellison, is taking over as CEO. The $11 billion firm inherits major assets including CBS, Paramount Pictures, cable networks like MTV and Nickelodeon, and the streaming service Paramount+. Paramount’s shares have fallen 75% over the past decade, weighed down by legacy media challenges. Ellison plans to cut costs by at least $2 billion annually, boost investment in streaming and premium content, and explore potential asset strategies. Analysts remain cautious, with only 3 of 25 rating the stock a Buy, but the low valuation and potential strategic shifts make it a contrarian opportunity for investors.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:02Skydance Media has finalized its acquisition of Paramount,

00:05giving the company a 70% economic stake and 100% voting control, according to Behrens.

00:10David Ellison's son of Oracle co-founder Larry Ellison is taking over as CEO.

00:14The $11 billion firm had earned its major assets, including CBS, Paramount Pictures,

00:18cable networks like MTV and Nickelodeon, and the streaming service Paramount+.

00:21Paramount's shares have fallen 75% over the past decade, weighed down by legacy media challenges.

00:27Ellison plans to cut costs by at least $2 billion annually,

00:30boost investment in streaming and premium content, and explore potential asset strategies.

00:35Analysts remain cautious with only 3 of 25 rating the stock of buy,

00:38with a low valuation of potential strategic shifts, making it a contrarian opportunity for investors.

00:43For all things money, visit Benzinga.com.

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