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David Ellison Thanks Skydance Team As Paramount Merger Talks End; Sets Sights On “Building A Next Generation Content Company On Our Terms”

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deadline.com

This just in tonight from Skydance Boss David Ellison as Paramount Global controlling shareholder Shari Redstone says “No” to Skydance’s offer to buy National Amusements.

The Top Gun: Maverick and Geostorm producer has acknowledged to staff that Skydance’s bid to merge with Paramount has ended.

However, “we are stronger because of this process,” says the son of Oracle cofounder Larry Ellison. David promises staff that Skydance, armed with more TV products in the company’s history, is “more confident than ever—not just about Skydance but about the future of entertainment and our ability to continue building a next-generation content company on our terms, with the greatest capital, creative and technological resources and talent in the industry.” As Jill and I told you today, there are various reasons why this Skydance-Paramount Global merger didn’t shake out, read seeking consent for the deal from a “majority of the minority” of shareholders not named Redstone.

Redstone wanted to, Ellison didn’t want to, we understand. Paramount Global didn’t have faith in Skydance’s financials, the deal calling for the Ellison studio to pay Redstone $2.25 billion outright for NAI and then merge with Paramount in a deal that valued Skydance at $4.75 billion.

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