RedBird Capital-backed Skydance Media to merge with Paramount Global in an $8.4bn deal.

RedBird Capital-backed Skydance Media, an American production company based in Santa Monica, California, agreed to merge with Paramount Global, a global media, streaming and entertainment company, in an $8.4bn deal. 1. Skydance will merge with Paramount in an all-stock transaction, valuing Skydance at $4.75bn, with Skydance equity holders receiving 317m Class B Shares valued at $15 per share. 2. Skydance Investor Group, comprised of the Ellison Family and RedBird Capital Partners, are to invest $2.4bn to acquire National Amusements. 3. Skydance Investor Group, will offer $4.5bn for the stock/cash merger consideration to be paid for publicly traded Class A shares and Class B shares, increasing its stake in New Paramount to 70%. 4. Skydance Investor Group will invest $1.5bn of primary capital, to be added to Paramount’s balance sheet. "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," David Ellison, Skydance Founder and CEO.