Home / Business and Economy / Paramount Global Ownership Shifts to Tech Mogul in $8B Deal
Paramount Global Ownership Shifts to Tech Mogul in $8B Deal
7 Aug
Summary
- $8B deal shifts Paramount ownership from media mogul to tech mogul
- Paramount execs depart as Skydance takes over media empire
- Santa Monica launches film office for movie and TV show permits
On August 7, 2025, a major shakeup occurred in the media landscape as the $8 billion acquisition of Paramount Global by Skydance, led by CEO David Ellison, was finalized. This deal saw the ownership of the media conglomerate shift from the heir of a media mogul to the heir of a tech mogul.
As Skydance settles in, the former Paramount C-suite and senior management team have drafted their farewell memos and are departing the company. This includes the co-CEOs Chris McCarthy and Brian Robbins, who oversaw the Paramount+ streaming service and Paramount Pictures, respectively. The sole Paramount CEO who was let go last April, Bob Bakish, will receive a substantial $69.3 million severance package.
Amidst these changes, the city of Santa Monica has announced the launch of its own film office to handle movie and TV show permits. This move aims to streamline the process for productions seeking to film in the area.
