Paramount Skydance
Paramount Skydance Corporation is an American multinational mass media and entertainment conglomerate. The company is headquartered at the Paramount Pictures lot in the Hollywood neighborhood of Los Angeles, California, with multiple of Paramount's divisions and subsidiaries, as well as one of Paramount's major offices and meeting places, being headquartered at the previous Paramount Global headquarters at One Astor Plaza in New York City. CBS is also headquartered in New York City, but at the CBS Building and the CBS Broadcast Center both in Midtown Manhattan. Paramount Skydance also houses major offices at the previous Skydance Media headquarters in Santa Monica, California.
Paramount Skydance was formed on August 7, 2025, by David Ellison, through the merger of Paramount Global, National Amusements, and Skydance Media. The company trades under the ticker symbol "PSKY" on the Nasdaq.
The evaluation of the Paramount Skydance merger by U.S. regulators was affected by Donald Trump becoming president for a second term. At the time, Trump was in an on-going lawsuit with CBS, one of Paramount's properties, alleging that CBS News's reporting amounted to election interference; lawyers widely described the lawsuit as baseless. However, in an extraordinary move, Paramount paid $16 million to settle the CBS-Trump lawsuit in July 2025 to ensure that the FCC, headed by a Trump loyalist, would not block the merger. Paramount also chose to not renew The Late Show with Stephen Colbert after Colbert referred to the settlement on-air as a "big fat bribe". After the merger went through, David Ellison made conservative-friendly changes to CBS News, including hiring conservative political commentator Bari Weiss as its editor-in-chief. Trump praised the decisions to hire Weiss and to cancel The Late Show.
Background
Through an assortment of corporate mergers, splits, and partnerships, Paramount Pictures, CBS, Viacom, and Skydance Media shared a long history prior to the 2025 merger joining the entities as Paramount Skydance.1912–1986
Paramount Pictures was founded in 1912 as the Famous Players Film Company. CBS was founded in 1927, and Paramount Pictures held a 49% ownership stake in from 1929 to 1932.In 1952, CBS formed CBS Television Film Sales, a division which handled broadcast syndication rights for CBS's library of network-owned television series. This division was renamed CBS Films in 1958 and again renamed CBS Enterprises Inc. on December 1, 1967. It was renamed Viacom in 1970. In 1971, this syndication division was spun off amid new FCC rules forbidding television networks from owning syndication companies.
Meanwhile, Paramount Pictures was acquired by Gulf and Western Industries in 1966, which then re-branded itself as Paramount Communications in 1989.
1986–2005
In 1986, Viacom purchased MTV Networks and Showtime/The Movie Channel Inc. from Warner Communications and American Express. In 1987, a majority stake in Viacom was acquired by theater operator company National Amusements.Viacom then purchased a 50.1% stake in Paramount Communications in February 1994 for $9.75 billion, following a five-month battle with shopping channel QVC. The merger was completed in July. In 1999, Viacom made its biggest acquisition to date by announcing plans to merge with its former parent CBS Corporation. The merger was completed in 2000, resulting in CBS reuniting with its former syndication division.
2005–2022
On December 31, 2005, Viacom was split into two companies: the second incarnation of CBS Corporation, the former's corporate successor, and the second incarnation of Viacom, which was formed as a spin-off.Skydance Media was founded in 2006 by David Ellison. In 2009, Skydance and Paramount Pictures signed a five-year co-financing, production and distribution agreement, with Paramount holding an additional option of distribution. That deal would later be extended twice in 2013 and 2017.
History
Formation
In 2023, after struggling with debt and striving to remain competitive in the entertainment industry, Paramount's parent company, National Amusements, explored potential merger and acquisition opportunities for Paramount Global. Numerous prominent companies, such as Sony Pictures, Warner Bros. Discovery, Apollo Global Management, Warner Music Group, Allen Media Group, and Skydance Media, had indicated their interest in exploring potential business partnerships or purchasing the company.After first coming to a merger deal with Skydance, Paramount and Skydance canceled the proposed merger on June 11 due to unsatisfactory conversations. Following a break in the talks, Skydance was able to reach a preliminary agreement on July 2, 2024, to perform a 3-way merger between it, National Amusements, and Paramount to establish what was then known as "New Paramount". After the merger closed, Skydance Media CEO David Ellison became the chairman and CEO of the combined company and Jeff Shell became the president.
Paramount said in February 2025, and May 2025, that it expected the transaction to close within the first half of the year, but it did not happen. With the deal not yet approved, the first automatic extension to July 7, 2025, went into effect on April 8, 2025, after which the second automatic extension to October 4, 2025 went into effect on July 7, 2025. The SEC and the European Commission approved the transaction in February 2025. On July 24, 2025, the FCC approved the merger between Paramount Global and Skydance Media.
Merger restructuring
On August 4, 2025, Paramount Skydance announced some of its new leadership alongside Ellison and Shell, with Andy Gordon joining as COO and strategy officer; Cindy Holland leading streaming services Paramount+ and Pluto TV; Dana Goldberg and Josh Greenstein co-leading Paramount Pictures; and Paramount Global veteran George Cheeks leading television networks. It was also announced the same day that the company would comprise 3 major units: studios, direct-to-consumer and television media. It also announced the merger of Showtime/MTV Entertainment Studios and Skydance Television into a revival of Paramount Television Studios to be headed by Matt Thunell. Oversight of the television units would be split, with Thunell heading the studios division and George Cheeks overseeing production for the television media division, as well as South Park, which renewed its standing with Paramount in a deal worth $1.5 billion. Three months later in October following Paramount Skydance's relaunch of Paramount Television Studios, it was announced that Nickelodeon Group's live-action studio Nickelodeon/Awesomeness Live-Action aka Nickelodeon Productions and Awesomeness' production studio including Nickelodeon's & Awesomeness' production states was folded into the relaunched studio Paramount Television Studios, with the relaunched studio taking over Nickelodeon's current production state alongside Awesomeness' current productions, and would produce their future production slates beginning with the upcoming Victorious spin-off series Hollywood Arts which was originally ordered at Nickelodeon had moved to Netflix as its first Nickelodeon-branded series produced by the revived studio.On August 5, 2025, Paramount Skydance announced layoffs of around 1,000 employees and a slashing of $2 billion in operating costs, alongside interest in a merger of Paramount+ and Pluto TV with assist from Oracle Corporation. On August 7, Jeff Shell announced that Paramount Skydance was exploring a sale of the NAI cinemas. On August 8, Paramount announced that they would be based in the Paramount Pictures lot in Los Angeles, departing from One Astor Plaza for the first time since the first Viacom moved there in 1994. On August 11, Paramount announced a seven-year deal with TKO Group Holdings where Ultimate Fighting Championship will be exclusively distributed in the United States. UFC's 13 marquee numbered events and 30 "Fight Nights" will air on its streaming platform, Paramount+, with select numbered events also set to simulcast on CBS starting in 2026.
On August 13, 2025, Paramount announced that Top Gun 3, Star Trek, and other projects were now priorities. Paramount executives are looking to release twenty films per year. Cindy Holland, chairperson of direct-to-consumer, said, "We want to entertain all audiences around the world. On Paramount+ today, we have a really great foundation, which is the Taylor Sheridan universe. We also have incredible CBS next-day, live sports, a lot from the cable networks, franchises like Star Trek, so many series. We're seeking to expand that and make sure that we’re offering programming for everybody not just occasionally, not just for the one thing they came to watch but ultimately and hopefully a year round and a daily habit for all audiences." Streaming films will not be a priority per Ellison. Also that day, Shell announced $2 billion in cuts. "We do not want to be a company that has layoffs every quarter. So, it is important for us to get done what we're doing in one big thing and then be done with it," Shell said. On August 19, Paramount announced a four-year deal with Matt and Ross Duffer, the creators of Stranger Things, for movies, television and streaming projects at Paramount+. The agreement will commence following the conclusion of their current deal with Netflix in April 2026.
On September 2, 2025, Paramount Pictures announced that they and Microsoft-owned Activision Blizzard had inked a deal that will see the studio develop, produce and distribute a live-action film based on the Call of Duty franchise, which Ellison, a long-time fan of the series, considered a "dream come true". On September 3, Paramount Pictures announced that they signed a first-look, multi-picture deal with Will Smith and his company Westbrook. The deal will include films like Sugar Bandits and Rabbit Hole. Westbrook will also relocate to the Paramount lot in Hollywood. On September 4, Paramount Pictures and Legendary Entertainment announced a three-year worldwide film distribution deal. Under the deal, Paramount will market and distribute Legendary-developed and -produced theatrical films globally, excluding China, where Legendary East handles all marketing and distribution activities. Warner Bros. Pictures will continue to globally distribute films from select Legendary franchises including Dune: Part Three and Godzilla x Kong: Supernova. The first film under the Paramount deal will be the live-action adaptation of the Street Fighter video game series. Also on September 4, Paramount announced a return to office policy that requires all employees to be in the office five days a week. On September 5, it was announced that Piers Morgan Uncensored will move from YouTube to 5 where it will air as a 90-minute highlights show starting September 12.
On September 12, 2025, Paramount Skydance announced they would be launching a sports media division called Paramount Sports Entertainment, the division would produce scripted and unscripted programming for its own platforms as well as third-party media companies and streaming services, while also developing sports-focused interactive games and experiences while also housing Skydance Sports. The division is also expected to collaborate with CBS Sports, but it will not be directly involved in live sports broadcasts. The division would be led by Skydance Sports chairman Jesse Sisgold. On September 16, Paramount Skydance added AI executive Dennis K. Cinelli to its board as an independent director, effective immediately. The appointment expands the body to 11 directors.
On September 17, 2025, it was announced that Marc Weinstock would be stepping down from his role as President of Worldwide Marketing and Distribution at Paramount Pictures. His departure comes as Josh Goldstine, the former marketing chief at Warner Bros., is expected to take over the position, according to media reports. On September 23, A former top official in the Trump Administration, Makan Delrahim, is in advanced talks to join the newly merged Paramount Global in a major legal role, according to sources with direct knowledge. On September 26, Pam Kaufman exited her role as Paramount President and CEO of International Markets, Global Consumer Products and Experiences.
On October 6, 2025, it was announced that Paramount Skydance named Bari Weiss as editor-in-chief of CBS News after acquiring her outlet The Free Press, a deal valued at $150 million. On October 23, Paramount Skydance sold its Argentine television network Telefe alongside its regional stations in Santa Fe and Córdoba, its international channel Telefe Internacional, its production divisions and its content library to holding company, a company of businessman Gustavo Scaglione and José Luis Manzano. On October 27, The Hollywood Reporter announced that Taylor Sheridan was leaving Paramount for NBCUniversal as Paramount did not offer Sheridan an offer to stay. Also on October 27, it was announced that John Dickerson would be leaving CBS News who has been employed with over 16 years. On October 29, Ellison said that redundancies that phasing out roles that are no longer aligned with its 'evolving priorities' were "designed to strengthen our focus on growth". Paramount announced anchors Dana Jacboson and Michelle Miller as well as producer Brian Applegate of CBS Saturday Morning would be a part of the 2,000 layoffs planned. The company announced the layoffs of motion picture divisions, including production, literary, marketing and music including executives Randy Spendlove, Bryan Oh, Geoff Stier, Andres Alvarez, Rachel Cadden, Christine Benitez, and Phil Cohen. Also TV Executives Teri Fleming, Pamela Soper, Amanda Palley, Rose Catherine Pinkney, Robi Reed, Wendy Plaut, Amanda Culkowski, Margaret Comeaux, Jeff Grossman, Patricia Kollappallil, Gregory Heller, Amy Campbell, and Andrea Ballas were a part of the layoffs.
On October 30, 2025, Matt Thunell announced the department heads in areas such as Creative, Production, Business Affairs & Legal, Finance & BA, with some functions, including Talent & Casting and Corporate were either staying, newly hired, or promoted to different departments. Those named are Head of Development Shelley Zimmerman, EVP of Current Series Carolyn Harris, President of Showtime/MTV Entertainment Studio Keith Cox, Head of Production Drew Brown, Head of Business Affairs Virginia Lazalde-McPherson, EVP, Legal Affairs Lance McPherson, and Head of Finance Mel Rauch. Matt Hengemuhle moved from SVP, Financial Planning & Analysis to Direct to Consumer. Tricia Wood, EVP Casting for Paramount Pictures will also cast for Paramount Television Studios. Those leaving are EVP and Head of Global Production for Showtime/MTVE Keri Flint, EVP, TV Business & Legal Affairs for Skydance Jeff Hegedus, CFO, Paramount Media Networks, Showtime/MTVE Studios Candice Brancazio, EVP, Head of Live-Action Series, Films & Talent, Nickelodeon and Awesomeness TV Shauna Phelan, and EVP, Head of Global Talent and Content Development for Showtime/MTVE Trevor Rose.
On November 10, 2025, Los Angeles Times reported that Paramount laid off 1,600 employees in South America in exchange of a reduction of 15% of its workforce and cost savings which are worth $3 billion. The next day, 600 employees chose the severance package and left their jobs instead of returning to the office. On November 14, Paramount announced its decision to sell Chilevisión to Vytal Group. Also that day, U. S. House of Representatives Jamie Raskin and Frank Pallone, the top two Democrats on the House Energy & Commerce Committee, said Paramount had not fully cooperated with their investigation in the settlement agreement between Skydance, Paramount Global, and President Trump. In August, they had requested documents from Paramount, communications with the Trump administration, the Federal Communications Commission, and internal communications concerning the merger between Skydance and Paramount.
On December 4, 2025, Paramount unveiled its TV Media leadership team. Under these changes, Laurel Weil would lead programming across the division. Jeannie Scalzo would lead MTV with Sitarah Pendelson handling all of the channel's programming. Jurles Borkent would now lead Nickelodeon Kids & Family after being president of the channel's international unit while Ari Pearce would lead Comedy Central. On December 31 of the same year, Paramount shut down the various MTV music channels outside of the United States, marking the end of their broadcasting of music in those regions after 38 years alongside a number of other channels which included channels in France and Brazil, the latter marking its exit from the Brazilian pay-television market. This closure represented the definitive end of the MTV brand on Brazilian television, following its 1990 launch as a broadcast network in one of the first markets outside the United States, after MTV Europe, and its relaunch by Viacom on cable TV in 2013.