Skydance Media has closed its takeover of Paramount Global, the combined film and tech giant aiming to be a “next-generation media and technology leader”.
Under Skydance, Paramount will now be restructured into three divisions: studios, direct-to-consumer and TV media. Ellison will also pursue his plans for $2 billion in cost savings.
The finalization of the acquisition follows in the wake of the FCC’s July 24th approval of the deal.
In an open letter to shareholders, employees and creative partners, Skydance chief David Ellison outlined his vision for the company, which included investing in growth areas, scaling the company’s direct-to-consumer business globally and more.
A big part of the pitch will be unifying their technology stack. In non-executive speak terms, that means Paramount+ and Pluto will use the same platform starting next year. In addition, new technology will be made available to help creatives.
Animation, sports and games are considered key areas where the new company can pursue growth.
