This is all subject to regulatory approval and other such hurdles. Disney, for example, had to jump through quite a few hoops before its $71.3 billion acquisition of Fox was finally completed in March 2019. That was a much bigger and radically different situation though. Two studios were coming together, essentially taking a major Hollywood player off the board. In this case, a production company is merging with an existing studio. That’s not to say there won’t be hurdles, but it likely won’t face quite as much scrutiny from regulatory bodies.

The new leadership team will be headed up by currency Skydance CEO David Ellison as Chairman and Chief Executive Officer, and Jeff Shell as President. This new team plans “to enhance and reinvigorate marquee Paramount and CBS brands,” per the press release. They also say that the new Paramount “will be a creative-driven destination for storytellers dedicated to delivering top-quality content.” Ellison had this to add:

“This is a defining and transformative time for our industry and the storytellers, content creators and financial stakeholders who are invested in the Paramount legacy and the longevity of the entertainment economy. 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.”

Skydance brings to the table franchises and hit films including but not limited to “World War Z,” the recent “Star Trek” films,” “6 Underground,” “The Tomorrow War,” “The Adam Project,” and “Top Gun: Maverick,” as well as the “Mission: Impossible” franchise. Many of those were collaborations with Paramount. On the other side, Paramount brings a movie studio, CBS, Nickelodeon, BET, Showtime, MTV, the free-to-watch live streaming service Pluto TV, and Parmaount+, among other assets. Some assets, such as BET, are almost certainly going to be sold to help shore up the core business.