On July 7, 2024, American media companies Skydance Media and Paramount Global announced a definitive agreement to merge in a deal valued at $8 billion, forming a new entity known as "Paramount Skydance Corporation". The agreement valued the newly formed entity at approximately $28 billion.
In 2023, after grappling with debt and striving to remain competitive in the entertainment industry, Paramount's parent company, National Amusements, explored potential merger and acquisition opportunities for Paramount Global. Skydance reached a preliminary agreement on July 2, 2024, to perform a 3-way merger between it, National Amusements, and Paramount to establish what was then known as "New Paramount". After the merger closed, Skydance Media CEO David Ellison became the chairman and CEO of the combined company and Jeff Shell became the president.