David Ellison, chief executive of Skydance Media, thanked employees of his company for their focus as he was engaged in a months-long bid to merge with Paramount Global. And even though that effort failed, he said that Skydance is stronger after having gone through the M&A cycle.
On Tuesday, Shari Redstone’s National Amusements, the controlling shareholder of Paramount Global, said it had ended merger talks with Skydance because it was not able “to reach mutually acceptable termsregarding the potential transaction withSkydance Mediafor the acquisition of a controlling stake in NAI.”
In a memo to Skydance staffers Tuesday evening obtained by PvNew, Ellison wrote, “As you all know, for the last several months we have been actively exploring a transaction to acquire NAI and merge with Paramount Global, and today that chapter ended.”
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