Paramount Class B shares will begin trading immediately on the Nasdaq Stock Market under the new ticker symbol ‘PSKY’.

The close of this transaction positions Paramount to forge a new path forward in the entertainment industry, combining its creative library and distribution network with Skydance’s production technological capabilities. In the near-term, Paramount will leverage strategic investments to capitalise on identified synergies and opportunities to streamline its business, with a focus on forward-thinking approaches to content creation and storytelling, The newly combined entity will seek to position one of entertainment’s most storied enterprises for long-term success.

David Ellison, Chairman and CEO of Paramount, a Skydance Corporation, commented: “Today marks an exciting and pivotal moment as we prepare to bring Paramount’s legacy as a Hollywood institution into the future of entertainment. My vision is to honor exceptional storytelling while modernising how we make and deliver content to support the world’s top creative talent, enhance experiences for audiences worldwide, and create sustainable value for our shareholders.”

Ellison continued: “It is truly an honour and a privilege to help lead this iconic brand into its next chapter. My experience at Skydance and across all levels of production has shown me what it takes to bring great stories to life — and just how powerful it is when visionary creators are supported by strong leadership and a clear mission. With a deep understanding of the industry and a strategic approach to growth, we will stay grounded in creative excellence, embrace cutting-edge innovation, and continue delivering the entertainment, news, and sports experiences that connect with audiences worldwide. Together, we have the opportunity not only to shape Paramount’s future, but also to play a meaningful role in where our industry is headed — and we can’t wait to get started.”

In an open letter about future plans for Paramount, Ellison revealed that the business will be split into three units: studios, direct-to-consumer, and TV media. Ellison explained that the restructuring is means to boost efficiency as Paramount prepares to transition its entire enterprise to a single technology platform in order to reduce technological spend. In a further cost-cutting measure, starting next year, Paramount+ and Pluto TV will operate on a unified technology stack.

Gerry Cardinale, Founder and Managing Partner of RedBird Capital, said: “Our investment in Paramount and long-term partnership with the Ellison family reflects our deep conviction in the value of world-class intellectual property and the potential to unlock substantial growth as these businesses navigate technological disintermediation and evolving consumer preferences. We’ve been collaborating with David Ellison for the last 15 years and made our first investment in Skydance in 2019. Over this period, we’ve seen the power of an owner-operator model that integrates technological sophistication with a talent-friendly passion for producing great original content.”

Cardinale added: “We have evaluated investing in this type of media and entertainment in Hollywood for the last 25 years, but it was only after our investment in Skydance that we began to develop tangible conviction around a performance-based approach to investing in diversified content production. The track record that David and the team at Skydance have established has prepared them for this opportunity, supported by our operating and investment team at RedBird. This is a transformative opportunity to embrace Paramount’s 113-year-old legacy as one of the most iconic Hollywood institutions and help transition it for today’s evolving technological landscape.”