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Skydance agreement set the terms for control of Paramount and CBS

Reporting and findings

  1. documented

    The agreement named David Ellison as the combined company's prospective chair and chief executive and identified Shari Redstone as chair, president, and chief executive of National Amusements; completion remained subject to regulatory approvals, and Trump later designated Brendan Carr as FCC chairman before the Commission acted on the transfer.

  2. documented

    Paramount and Skydance signed a two-step transaction providing $2.4 billion to acquire National Amusements, $4.5 billion for public-shareholder consideration, and $1.5 billion in new Paramount capital; the investor group was expected to own approximately 70% of pro forma shares after closing.

Summary and current status

The two-step agreement put National Amusements and then Paramount under the Skydance investor group, with regulatory approval still required.

Transaction completed August 7, 2025

People and organizations

Relationships in this file

  1. Donald J. Trumptransaction later reviewed by Trump-designated FCC chairParamount Skydance Corporation
  2. Donald J. Trumpdesignated chair before Paramount transfer decisionFederal Communications Commission
  3. Donald J. Trumpled buyer requiring Trump-era FCC approvalDavid Ellison
  4. Donald J. Trumpagreed sale requiring Trump-era FCC approvalShari Redstone

Money trail

  1. investmentNew Paramount primary capital$1.5 billion
    Committed investor / source
    Skydance investor group
    Committed investment recipient
    New Paramount
    committed · 2024-07-07 · observedRead source record
    Calculation detailsPopulation Primary capital committed to Paramount's balance sheet under the definitive agreementPeriod 2024-07-07 to 2024-07-07Basis Direct capital commitment stated in Paramount's definitive-agreement announcement.Limits The amount is a transaction component, not a valuation or estimate of enterprise value.
  2. equityInvestor-group pro forma ownershipapproximately 70% percent of pro forma shares
    Estimated ownership holder / recipient
    Skydance investor group
    estimated · 2024-07-07 · observedRead source record
    Calculation detailsPopulation Outstanding equity of New Paramount after closing and the growth-equity investment, assuming full participation in the Class B cash electionPeriod 2024-07-07 to 2024-07-07Basis Paramount's announced post-transaction ownership estimate under the assumptions stated in the definitive-agreement release.Limits Approximate and conditional on full participation in the Class B cash election; the release separately specified 100% of Class A and 69% of Class B shares.
  3. paymentNational Amusements cash acquisition$2.4 billion
    Committed by / source
    Skydance investor group
    Committed to
    National Amusements shareholders
    committed · 2024-07-07 · observedRead source record
    Calculation detailsPopulation Cash-free, debt-free purchase of National Amusements by the Skydance investor group under the July 7, 2024 definitive agreementPeriod 2024-07-07 to 2024-07-07Basis Direct contractual amount stated in Paramount's definitive-agreement announcement; this measures the announced transaction term, not personal income or a settlement.Limits No range reported for this component; later closing is documented separately.
  4. paymentPublic-shareholder consideration$4.5 billion
    Committed by / source
    Skydance investor group
    Committed to
    Paramount public shareholders
    committed · 2024-07-07 · observedRead source record
    Calculation detailsPopulation Cash and stock-merger consideration made available for publicly traded Paramount Class A and Class B sharesPeriod 2024-07-07 to 2024-07-07Basis Direct amount stated in Paramount's definitive-agreement announcement; recorded as an announced transaction term.Limits The release described elections and proration mechanics; this is the stated total consideration available, not a reconstructed payout total.