Breaking: A merger between Skydance media and Paramount Global has been finalized, reshaping the media landscape and resulting in notable leadership changes within the newly formed company.
The deal, valued at $8 billion, will see Skydance take a controlling stake in ParamountS National Amusements holding company, which holds the majority voting shares in Paramount Global. While details of the financial arrangement were previously reported, the executive structure post-merger is now becoming clearer.
A considerable portion of the new company’s leadership will come from Skydance,supplemented by strategic new hires. Notably, only one current paramount executive, co-chief executive george Cheeks, will retain a prominent role, serving as chair of the TV media business unit. This unit will encompass CBS Sports and its associated linear broadcast networks.
Paramount’s direct-to-consumer (DTC) division, which experienced strong growth in the second quarter of fiscal year 2025 – reporting a 7.9 million subscriber increase across Paramount+ and Showtime – will be spearheaded by Cindy Holland, a seasoned veteran of 18 years at Netflix. Holland previously served as Netflix’s Vice President of Original Content.
The restructured Paramount will operate around three core business segments: direct-to-consumer (DTC), TV media, and film studios. This streamlined structure aims to enhance focus and efficiency across the company’s diverse portfolio.
CBS Sports, a key component of the TV media unit, holds broadcasting rights to major sporting events including UEFA Champions League European club soccer, the National Football League (NFL) – including broadcasting the moast-watched Super Bowl in history in 2024 with an average of 123.4 million viewers – PGA Tour golf, and prominent college sports programs. The NFL deal, currently extending through the 2030 season, is estimated to be worth $2.7 billion annually to CBS and other broadcast partners.
