This simply in tonight from Skydance Boss David Ellison as Paramount International controlling shareholder Shari Redstone says “No” to Skydance’s provide to purchase Nationwide Amusements. The High Gun: Maverick and Geostorm producer has acknowledged to employees that Skydance’s bid to merge with Paramount has ended.
Nevertheless, “we’re stronger due to this course of,” says the son of Oracle cofounder Larry Ellison.
David guarantees employees that Skydance, armed with extra TV merchandise within the firm’s historical past, is “extra assured than ever—not nearly Skydance however about the way forward for leisure and our capacity to proceed constructing a next-generation content material firm on our phrases, with the best capital, inventive and technological assets and expertise within the business.”
As Jill and I informed you right this moment, there are numerous explanation why this Skydance-Paramount International merger didn’t shake out, learn searching for consent for the deal from a “majority of the minority” of shareholders not named Redstone. Redstone wished to, Ellison didn’t wish to, we perceive. Paramount International didn’t think about Skydance’s financials, the deal calling for the Ellison studio to pay Redstone $2.25 billion outright for NAI after which merge with Paramount in a deal that valued Skydance at $4.75 billion. Additionally, neither aspect may see eye to eye on how Skydance would function the corporate by the regulatory course of.
Within the close to future, Redstone will mull provides from Edgar Bronfman Jr. with Bain and producer Steven Paul. Sony is a longshot. She’s going to entrust the studio and community ops to the workplace of the co-CEOs Brian Robbins, George Cheeks, and Chris McCarthy, who’ll vie to shave debt, unload non-core property, capitalize on content material, and discover a three way partnership companion for streaming service Paramount+.
You possibly can learn Ellison’s word to the employees beneath:
From: David Ellison
Date: June 11, 2024 at 7:13:07 PM PDT
To: All Skydance
Topic: Thank You
Workforce,
As you all know, for the final a number of months we’ve got been actively exploring a transaction to accumulate NAI and merge with Paramount International, and right this moment that chapter ended.
Whereas I used to be centered on this effort, you all doubled down on Skydance. In simply a short while since we went again to work after a historic two guild strike, you might have delivered extra TV product in our firm’s historical past, hit online game franchises, Emmy-winning sports activities content material, and a characteristic movie slate that’s our business’s most interesting. For all of this and extra, I thanks.
Skydance is stronger than ever due to you, and we’re stronger due to this course of. For starters, we’re smarter. We all know extra about our enterprise, our potential, and {the marketplace} at massive. We’re extra assured than ever – not nearly Skydance however about the way forward for leisure and our capacity to proceed constructing a subsequent technology content material firm on our phrases, with the best capital, inventive and technological assets and expertise within the business. The underside line: our future is extremely shiny and tomorrow we’ll hold constructing to make it even higher.
Paramount will all the time maintain a particular place for me, we had our first slate cope with the studio and proceed to co-own a number of marquee franchises collectively. I’ve nice respect for the legacy of Paramount, worth our ongoing partnership and want them the most effective.
Lastly, once more, I wish to thank every of you in your persistence and help as we chart the following section of Skydance. We have now lots to sit up for.
Finest,
—
David Ellison
Chief Government Officer, Skydance Media