Paramount and Skydance Set August 7 for Merger Completion, New Ticker Symbol Announced

Paramount Global and Skydance have announced that their merger is expected to be finalized on August 7, following receipt of final regulatory approval. The companies confirmed the closing date in a press release on Friday, marking the culmination of a lengthy negotiation process to combine the home of Paramount Pictures and CBS.

The new entity will be listed on the Nasdaq under the ticker symbol PSKY, replacing Paramount's previous PARA symbol. The transaction, valued at over $8 billion, received approval from the Federal Communications Commission on Thursday, leaving only administrative steps before completion.

Paramount stockholders have been given deadlines to elect the form of consideration for their shares. Common shareholders must make their election by 5 p.m. ET on July 31, while current or former employees holding Paramount common stock have until 4 p.m. ET on July 28. Those who do not make a selection will automatically receive stock in the new company, with the merger agreement valuing Paramount Class B shares at $15.

In an internal memo to employees, co-CEOs George Cheeks, Chris McCarthy, and Brian Robbins acknowledged the challenges of the merger process and thanked staff for their efforts. > "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," the memo stated. Cheeks will remain with the new company, while McCarthy and Robbins will depart after the transition.

Questions remain regarding potential further layoffs and the future of Paramount's linear cable networks, which continue to generate revenue but face declining ratings and advertising due to industry shifts.