Paramount and Skydance have confirmed that their long-gestating merger is expected to finally close on August 7.
The date had been mentioned in recent days by sources familiar with the transaction, but the companies confirmed it Friday in a press release.
The $8 billion-plus transaction received the FCC’s blessing Thursday, effectively bringing an end to the year-long business saga. With that final hurdle cleared, only administrative details and paperwork are left to be completed before the combination can become finalized.
Along with the date, the companies said the new company will trade on the Nasdaq under the ticker symbol PSKY. Paramount had traded under PARA.
Co-CEOs George Cheeks, Chris McCarthy and Brian Robbins relayed the closing date to employees in a memo, promising to offer updates as soon as they have them. The trio, elevated to the Office of the CEO after the ouster of Bob Bakish in the spring of 2024, called it “a great honor” to have led the company.
“Collectively, we have been in the industry for decades and, like you, we have called Paramount our home and together we have seen the incredible evolution of the entertainment industry,” they wrote in the memo, a copy of which was obtained by Deadline. “Through all of these changes, Paramount has made great progress – none greater than over the past year. We truly have momentum as a company and that’s a testament to you, our talented teams.”
The companies also announced various deadlines for deadlines for Paramount stockholders of record and certain other Paramount stockholders to elect the form of consideration they wish to receive for their shares. Common shareholders will have the election deadline of 5 p.m. ET next Thursday, July 31. For shares of Paramount common stock held by current or former employees of Paramount, the election deadline is 4 p.m. ET on Monday, July 28.
Shareholders who do not make an election before the deadline will automatically receive stock in the new entity. The value on Paramount Class B shares stipulated in the merger agreement is
Friday’s announcement filled in a couple of blanks, but there are many more questions looming as the two companies prepare to become one. The extent of further layoffs is top of mind for many, especially following a period of major downsizing. Also unclear is the fate of the company’s linear cable networks, which are still throwing off cash but declining markedly in terms of ratings and advertising due to ongoing cord-cutting.
