National Amusements, Inc. Reaches Agreement in Proposed Sale to Entities Affiliated with Skydance Media

Ropes & Gray represented National Amusements, Inc. (“NAI”) in a definitive agreement to sell NAI to entities affiliated with the Ellison Family and RedBird Capital for $2.4 billion on a cash-free, debt-free basis. NAI, which together with its subsidiaries holds approximately 77% of the voting stock of Paramount Global, also delivered a written consent approving a transaction by which Skydance Media will be merged with Paramount Global which was announced in a July 7 press release.  

The merger aims to combine Skydance’s technology and creative capabilities with Paramount’s iconic IP and platforms.

Importantly, the transaction preserves the over 100-year-old legacy of Paramount as one of Hollywood’s most iconic production companies and CBS’ stature as a cherished source of news and entertainment. It also maintains American jobs, fosters continued innovation and secures a prosperous future for the creative community at Paramount.

The acquisition is expected to close in the first half of 2025, subject to regulatory approvals and other customary closing conditions.

The Ropes & Gray team included mergers & acquisitions partners Jackie Cohen and Emily Oldshue, litigation & enforcement partners Peter Welsh and Marty Crisp, tax partner Scott Pinarchick, benefits partner Renata Ferrari, finance partner Byung Choi, and antitrust partners Michael McFalls and Ruchit Patel and intellectual property partner Erica Han, and associates Debbie Wang, Ani-Rae Lovell, Rebecca Liu, Chandler Burnham, Kasey Hughes, Chris Shorey, Alex Schubert and Kendall Spencer.