Paramount-Skydance Merger Confirmed for August 7 Closing, New PSKY Ticker Announced
Paramount-Skydance Merger Confirmed for August 7 Closing, New PSKY Ticker Announced
Paramount Global and Skydance Media have officially confirmed that their highly anticipated merger is set to close on August 7, 2025. This pivotal announcement comes after the successful receipt of final regulatory approval, bringing to an end the extensive acquisition process for the entertainment conglomerate.
In an internal memo shared with employees, Paramount’s co-CEOs – George Cheeks, Chris McCarthy, and Brian Robbins – conveyed their appreciation for the staff’s dedication throughout the challenging merger journey, emphasizing the company’s recent progress. While Cheeks is expected to continue with the newly formed entity, McCarthy and Robbins are slated to depart.
The multi-billion dollar transaction, valued at over $8 billion, will see the combined company listed on the Nasdaq under the new ticker symbol PSKY, replacing Paramount’s former PARA. Shareholders are facing immediate deadlines to elect their preferred consideration for their shares. Common shareholders must make their election by 5 p.m. ET on Thursday, July 31, while current and former employee shareholders have until 4 p.m. ET on Monday, July 28. Shareholders who do not submit an election will automatically receive stock in the new entity, based on the merger agreement’s stipulated value of $15 for Paramount Class B shares.
This landmark merger is poised to significantly impact the entertainment industry, though further details regarding potential layoffs and the future of linear cable networks are still anticipated as the companies prepare for this new chapter.
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