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.[6]
Paramount Pictures was founded in 1912 as the Famous Players Film Company.[7] CBS was founded in 1927, and Paramount Pictures held a 49% ownership stake in from 1929 to 1932.[8][9]
In 1952, CBS formed CBS Television Film Sales, a division which handled broadcast syndication rights for CBS's library of network-owned television series.[10][11][12] This division was renamed CBS Films in 1958[13][14] and again renamed CBS Enterprises Inc. on December 1, 1967.[15][16] It was renamed Viacom (an acronym of Video and Audio Communications) in 1970.[17] In 1971, this syndication division was spun off amid new FCC rules forbidding television networks from owning syndication companies (these rules were eventually abolished completely in 1993).[18]
Viacom then purchased a 50.1% stake in Paramount Communications in February 1994 for $9.75billion, following a five-month battle with shopping channel QVC. The merger was completed in July.[22][23][24] In 1999, Viacom made its biggest acquisition to date by announcing plans to merge with its former parent CBS Corporation (the renamed Westinghouse Electric Corporation, which had merged with CBS in 1995). The merger was completed in 2000, resulting in CBS reuniting with its former syndication division.[25][26]
Skydance Media was founded in 2006 by David Ellison.[28] In 2009, Skydance and Paramount Pictures signed a five-year co-financing, production and distribution agreement, with Paramount holding an additional option of distribution.[28] That deal would later be extended twice in 2013 and 2017.[29][30]
In 2023, after grappling 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.[31][32][33]
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".[34] After the merger closed, Skydance Media CEODavid Ellison became the chairman and CEO of the combined company and Jeff Shell became the president.[35]
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.[36][37] With the deal not yet approved, the first automatic extension to July 7, 2025, went into effect on April 8, 2025,[38][39] after which the second automatic extension to October 4, 2025 went into effect on July 7, 2025.[40][41] The SEC and the European Commission (EC) approved the transaction in February 2025.[42] On March 10, 2025, Skydance Media filed a letter with the Federal Trade Commission (FTC) about Project Rise Partners and concerning its bid for Paramount after the 45-day "go shop" period in the summer of 2024.[43] In late March 2025, Federal Communications Commission (FCC) Chairman Brendan Carr announced that companies wishing to merge should eliminate policies aimed at promoting diversity, equity and inclusion (DEI).[44]
On July 22, 2025, it was reported that Oracle Corporation was in talks with Skydance Media for a $100 million-per-year contract to provide cloud software once the latter's acquisition of Paramount Global is completed.[45] On July 24, the FCC approved the merger between Paramount Global and Skydance Media with the merger set to be complete by August 7.[46] Numerous public reports cited a potential quid pro quo whereby Paramount/CBS agreed to pay $16 million to end a lawsuit filed on behalf of President Donald Trump to ensure government approval of the merger.[47][48][49] Similar public reports also indicated another potential quid pro quo whereby CBS would terminate The Late Show with Stephen Colbert, to ensure federal approval of the merger.[50][51][52] CBS executives denied both publicly reported claims, and insisted the 2026 ending of the Late Show franchise was purely based on a financial decision.[53][54][55]
Merger restructuring
On August 4, 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.[56] It was also announced the same day that the company would comprise 3 major units: studios (consisting of Paramount Pictures, Skydance Pictures, Nickelodeon Movies and other divisions such as those for film, television and video games), direct-to-consumer (Paramount+ and Pluto TV) and television media (CBS, BET, MTV, Nickelodeon among others). It also announced the merger of 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 (focusing on the streaming services) and George Cheeks overseeing production for the television media division (focusing on the linear networks), as well as South Park, which renewed its standing with Paramount in a deal worth $1.5 billion.[57][58][59]
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.[60]
On August 7, Jeff Shell announced that Paramount Skydance was exploring a sale of the NAI cinemas.[61] 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.[1][62]
On August 11, Paramount announced a seven-year deal with TKO Group Holdings where Ultimate Fighting Championship (UFC) 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.[63][64]
On August 13, Paramount announced that Top Gun 3, Star Trek, and other projects were now priorities. Paramount executives are looking to release twenty films per year.[65][66] 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."[67] Streaming films will not be a priority per Ellison.[68] 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.[2]
On August 19, 2025, 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.[69][70][71]
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".[72]
On September 3, 2025, 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.[73]
On September 4, 2025, 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 (outside of Japan, which will be handled by Toho). The first film under the Paramount deal will be the live-action adaptation of the Street Fighter video game series.[74] Also on September 4, Paramount announced a return to office policy that requires all employees to be in the office five days a week.[75]
On September 5, 2025, 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.[76]
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.[77][78][79][80]
On September 16, 2025, 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.[81]
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.[82]
On September 23, 2025, 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.[83][84]
On September 26, 2025, Pam Kaufman exited her role as Paramount President and CEO of International Markets, Global Consumer Products and Experiences.[85]
On October 6, 2025, it was announced that Paramount Skydance named Bari Weiss as editor-in-chief of CBS News affter acquiring her outlet The Free Press.[86]
Possible acquisition of Warner Bros. Discovery and joint venture with Apollo Global Management
According to reports, Bob Bakish, the president and CEO of Paramount Global, and David Zaslav, the CEO of Warner Bros. Discovery, met on December 20, 2023, to examine the possibility of a merger.[87][88] While representatives for the two businesses said that negotiations were in the early stages and would not guarantee a deal, it was revealed through insider sources that Zaslav was "not in deal mode".[89] Warner Bros. Discovery ended the merger negotiations with Paramount on February 27, 2024.[90]
In September 2025, The Wall Street Journal and others reported that Paramount Skydance was weighing a takeover of Warner Bros. Discovery, a deal that, unlike the Skydance–Paramount tie-up, was expected to sidestep Federal Communications Commission review because WBD holds no broadcast licenses.[91] The idea drew immediate political scrutiny, with Senator Elizabeth Warren urging regulators to stop it,[92] while price talk swung widely: early chatter reached about $70 billion,[93] mid-month commentary pointed to the mid-$50 billions,[94] and by September 19 reporting centered on scenarios "north of" $45 billion alongside a potential $22–$24 per-share offer structure that could be 70–80% cash, with support from Larry Ellison. By September 29, CNBC’s David Faber suggested a friendly agreement looked unlikely and that Paramount might need to take any bid directly to WBD shareholders.[95][96][97]
Industry voices spent the month debating what such a combination would mean. UTA chief David Kramer called it a mixed prospect for Hollywood,[98] and FX Networks chairman John Landgraf predicted that large-scale consolidation among legacy studios was essentially unavoidable.[99] Strategically, observers noted the sheer scale on offer: Paramount Skydance's roughly 4,500-film, 200,000-episode library alongside Warner's catalog of about 10,000 films and 120,000 episodes and Discovery's ~70,000 episodes.[100][101][102][103][104] Much industry speculation centred around how this could change competition, and the line-up of streaming services such as Pluto TV.[98][105]
Financially, late-month research cautioned that even post-deal, most earnings power would still come from traditional TV: Bernstein Research estimated roughly 70% of EBITDA would be tied to linear networks, even as KPMG highlighted US content spend surpassing $200 billion and continuing to rise.[106]
On October 2, 2025, CNBC speculated that their parent company, NBCUniversal, could be the biggest wild card for the acquisition of Warner Bros. Discovery's assets.[107]
On October 8, 2025, the New York Post reported that Paramount Skydance was in talks with major private equity firms, including Apollo Global Management (the company that owns Legendary Entertainment and Cox Media Group) to join its possible bid to buy Warner Bros. Discovery which could cost upwards of $60 billion.[108]
Paramount Skydance TV Media encompasses the company's domestic and international linear television channels. The division also oversees See It Now Studios and a 50% stake in South Park Digital Studios.
Paramount Global Content Distribution serves as the international television distribution arm for Paramount's television networks and streaming services.
Paramount Sports Entertainment focuses on scripted and unscripted sports programming, as well as interactive sports games and experiences. The division also oversees Skydance Sports, a joint venture with the NFL.
↑ Fabrikant, Geraldine (September 17, 1986). "Viacom Chief Leads Group's Buyout Bid". The New York Times. ISSN1553-8095. OCLC1645522. Archived from the original on January 30, 2021. Retrieved January 23, 2021. In November 1985, Viacom acquired MTV for $326 million in cash and warrants. One-third of MTV was publicly owned; the rest was owned by Warner Communications and the American Express Company. At the same time, Viacom bought 50 percent of Showtime, the pay television service, that it did not already own for $184 million.
↑ "75 Power Players: The Outsiders"(PDF). Next Generation. No.11. November 1995. p.61. Retrieved August 3, 2025. Viacom completed acquisition of Paramount Communications in July 1994, creating one of the world's largest entertainment companies.
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