Skydance Makes a Move to Possibly Acquire Paramount
It's good to keep another buyer and studio in Hollywood.
According to many news outlets, National Amusements, the parent company of Paramount, reached a provisional agreement with the media conglomerate Skydance for a potential merger.
We are very excited that there will continue to be five major studios (Disney, Fox, WB, Paramount/Skydance, Sony) because filmmakers need all the buyers they can get in the marketplace.
The more buyers, the more movies will get made.
I was pretty worried after various outlets suggested that merger discussions between the two companies had ceased.
But we're back on.
A recent report by CNBC revealed that a preliminary deal has been presented to a Paramount committee for review and voting.
The impetus for Paramount's search for a buyer stems from concerns raised by Wall Street and industry observers regarding its financial stability. In response, the company recently pledged to reduce its budget by half a trillion dollars.
Yes, you read that right. No word on how they will do that yet.
Paramount encompasses CBS, MTV, and Comedy Central, but there's a chance some of these will be sold off or cut to save the aforementioned money.
We'll keep you updated as this story progresses.
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