UPDATED with internal memo: Paramount Global’s co-CEOs told employees Friday that they expect an August 7 closing date for the company’s merger with Skydance, praising staffers’ efforts during the grueling process of getting the deal done.
The companies had earlier confirmed the expected closing date, which follows an epic, years-long effort to sell the home of Paramount Pictures and CBS.
In a memo obtained by Deadline, co-CEOs George Cheeks, Chris McCarthy and Brian Robbins wrote that despite all of the turbulence, “Paramount has made great progress – none greater than over the past year. We truly have momentum as a company and that’s a testament to you, our talented teams, with your incredible ability to deliver hit shows and blockbuster films, and all the critical pieces that make those things happen behind the scenes from BALA, finance, HR, communications, marketing, technology, distribution, partnerships, sales, consumer products, government relations and more – even in the context of a rapidly evolving landscape.”
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The trio acknowledged that workers likely have questions, and they promised to offer updates in a timely fashion. The trio, elevated to the Office of the CEO after the ouster of Bob Bakish in the spring of 2024, called it “a great honor” to have led the company. Cheeks is slated to stay with the new company, while McCarthy and Robbins are departing.
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“Collectively, we have been in the industry for decades and, like you, we have called Paramount our home and together we have seen the incredible evolution of the entertainment industry,” they wrote.
Here’s the full memo:
Hi Everyone,
We have some important news to share related to our Skydance merger. We received our final regulatory approval and we anticipate the Skydance merger will close (or be complete) on August 7th, subject to customary closing conditions.
This is a significant milestone for our entire global organization. We realize you will have many questions about the transition process, and we will provide updates as soon as the information becomes available to us.
Collectively, we have been in the industry for decades and, like you, we have called Paramount our home and together we have seen the incredible evolution of the entertainment industry. Through all of these changes, Paramount has made great progress – none greater than over the past year. We truly have momentum as a company and that’s a testament to you, our talented teams, with your incredible ability to deliver hit shows and blockbuster films, and all the critical pieces that make those things happen behind the scenes from BALA, finance, HR, communications, marketing, technology, distribution, partnerships, sales, consumer products, government relations and more – even in the context of a rapidly evolving landscape.
As we near the end of a historic chapter for Paramount and prepare for a new era, we want to thank you for your resilience, creativity and dedication. Because of you, Paramount is in a much better place today than it was a year ago, and it has been an honor to lead the company over the past year and work alongside you.
Best,
George, Chris and Brian
PREVIOUSLY, 4:55 p.m. PT: Paramount and Skydance have confirmed that their long-gestating merger is expected to finally close on August 7.
The date had been mentioned in recent days by sources familiar with the transaction, but the companies confirmed it Friday in a press release.
The $8 billion-plus transaction received the FCC’s blessing Thursday, effectively bringing an end to the year-long business saga. With that final hurdle cleared, only administrative details and paperwork are left to be completed before the combination can become finalized.
Along with the date, the companies said the new company will trade on the Nasdaq under the ticker symbol PSKY. Paramount had traded under PARA.
The companies also announced various deadlines for deadlines for Paramount stockholders of record and certain other Paramount stockholders to elect the form of consideration they wish to receive for their shares. Common shareholders will have the election deadline of 5 p.m. ET next Thursday, July 31. For shares of Paramount common stock held by current or former employees of Paramount, the election deadline is 4 p.m. ET on Monday, July 28.
Shareholders who do not make an election before the deadline will automatically receive stock in the new entity. The value on Paramount Class B shares stipulated in the merger agreement is $15.
Friday’s announcement filled in a couple of blanks, but there are many more questions looming as the two companies prepare to become one. The extent of further layoffs is top of mind for many, especially following a period of major downsizing. Also unclear is the fate of the company’s linear cable networks, which are still throwing off cash but declining markedly in terms of ratings and advertising due to ongoing cord-cutting.
Shari Redstone basically destroyed PG. They didn’t make changes, or course correct at all as their stock valuation plummeted for years. Tone deaf, or just deaf dumb and blind. Changes barely started or PG/CBS headed to the scrap heap.
“We sold our souls to a bunch of fascists, but hey, some of us are gonna be getting golden parachutes!”
When do the layoffs start again?
Capitulating to an autocracy is nauseating to REAL Americans. I already canceled my Paramount and CBS accounts. I look forward to never wasting my time purchasing or consuming CBS, Paramount, and Skydance media ever again.
Pro tip: we are obviously in a functional autocracy, and the program of restricting free speech to which you allude is coming along very nicely, thank you very much. Your King appreciates your support in this matter. Further, “encouraging people to stop hiring people based on skin color” is not what DEI was about, and, in point of fact, hiring people based on the (right) skin color has always been the practice, and it continues to this day. I would point your attention to this administration, none of whom are qualified beyond their whiteness and fealty to the King. The fact you can’t see what is patently obvious is exactly why we are in the situation we find ourselves. Good day, loyal subject, and again, your King appreciates your support.
Oh ok considering the 4 years was worse it gets. Retoric like this is why more people are calling for dividing the nation up permanently.
Ok.king.right skin color etc,none true in fact opposite is true..
Just look at rating at Gail king taking over
Says someone who posts anonymously. Stand by your words, share your name.
I was with up to the second sentence. It was more than “encouragement”. We all seem to experience facts differently.
How is It Autocracy? They settled a lawsuit because they did not think they could win especially with a number super high You think them fighting it in court would help anything? I doubt it
They didn’t pay a fine to government. They settled a payment in a personal lawsuit to pay a man’s frivolous lawsuit (one of many he burps up daily) who is now the sitting POTUS in what nearly EVERYONE has acknowledged was done to grease the landing for this merger. And the merger was greenlit on the heels of that personal payment agreement with the POTUS himself. That … is authoritarian behavior if ever there was.
A bribery payment, one of several where the money is supposedly ‘earmarked’ for his presidential library (with a promise of free propaganda ad time), but who really will be accounting for where all of that money actually ends up? Including an advanced Qatari luxury jetliner as a ‘gift’ from a Middle Eastern regime to the sitting POTUS. This would NEVER have been allowed under any previous administration or Congress. You honestly think that plane is just going to sit idle as it awaits being in a museum? No, it will be flown around by His Majesty on our dime.
The litany of examples where this autocratic president has bullied, coerced, and threatened the free press, media companies, businesses, and our educational institutions to adhere to HIS desires, views, or to cough up money is too much to chronicle here to Deadline commenters clearly unwilling to see what is happening, or are simply just fine with it because somehow they think ‘their guy’ is making their lives better.
That’s bullshit and you know it, Maggot. It was never about losing the lawsuit. It was about doing what was necessary to close the deal. It was extortion pure and simple
AC Lyes is rolling in his grave .. with three assistants right now
Evans is laughing
You are fools. Par would be cut up and sold off to PE by now were it not for this merger.
Well, at least it wouldn’t have had to sell its soul.
That’s funny. Thanks for story