Paramount Global and Skydance Media have officially announced a merger, led by Shari Redstone and co-CEOs George Cheeks, Chris McCarthy, and Brian Robbins. The deal, expected to close in the first half of 2025, aims to achieve over $500 million in cost savings and accelerate Paramount+'s profitability. Skydance will acquire Redstone’s National Amusements before merging with Paramount Global, with David Ellison and Jeff Shell set to lead the new management team. The agreement includes a provision for exploration of alternative acquisition proposals for a 45-day period. The current plan involves modernizing the organization, divesting assets, and optimizing streaming services. The partnership aims to leverage Paramount's iconic IP and Skydance's resources to create a next-generation media powerhouse. The leadership acknowledges the team's contributions and commitment to driving Paramount's success.