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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Paramount Skydance (PSKY) investor relations material
Paramount Skydance M&A Announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.M&A Announcement summary8 Dec, 2025
Deal rationale and strategic fit
The proposal aims to combine complementary strengths to create a global entertainment leader with enhanced scale, reach, and creative potential, leveraging a robust content engine and financial profile to drive shareholder value.
The merger would maintain both studios, expand creative output, support talent, and strengthen Hollywood, focusing on high-quality content and creative talent.
The combined entity would offer a competitive direct-to-consumer service, challenging Netflix, Amazon, and Disney, and provide consumers with a stronger bundled offering across TV, film, news, and sports.
The deal is positioned as pro-competitive, supporting movie theaters, enhancing content spend, and preserving theatrical releases and traditional windows.
Offers a diversified linear TV/networks portfolio anchored by marquee sports rights and CBS, supporting profitability and reinvestment in growth.
Financial terms and conditions
$30 per share all-cash offer for 100% of WBD, fully financed and backstopped by the Ellison family, RedBird, and major banks, with no financing condition attached.
The offer provides $18 billion more in cash than the competing Netflix bid, which includes stock and a less certain value.
Total equity value of $77.9 billion and enterprise value of $108.4 billion, including net debt and noncontrolling interest.
$41 billion in equity and $54 billion in committed debt, with $17 billion reserved to refinance WBD's bridge loan and a $54 billion fully committed bridge loan from major banks.
Pro forma leverage expected to be around 4x at close, deleveraging to below 3x within two years, with a focus on regaining investment-grade credit metrics.
Synergies and expected cost savings
Targeting over $6 billion in cost savings, primarily from eliminating duplicative back office, finance, legal, and technology functions, with run-rate efficiencies expected by 2029.
Synergy estimate supported by due diligence and external consultants, with a focus on maintaining creative operations.
Enhanced cash flow and efficiencies are expected from a more diversified suite of cable networks and cross-channel sales opportunities.
Paramount's ongoing transformation is expected to deliver an additional $3 billion in standalone cost efficiencies.
Plans to manage the balance sheet to regain and maintain investment grade credit metrics.
Detail Paramount's regulatory clearance strategy
Breakdown the $6B+ cost synergy opportunities
Explain WBD Board's Global Networks valuation
How does combined entity impact market competition
Equity pricing impact on existing shareholders
Post-merger investment strategy for content
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Next Paramount Skydance earnings date
Q4 202527 Feb, 2026
Next Paramount Skydance earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
Over 110 years of entertainment experience
Paramount is an American entertainment company established in 1912, boasting an impressive history and track record of film production. The company's catalog and operations primarily focus on production of movies and TV-series, but Paramount also owns CBS Broadcasting, which is a broadcaster producing shows and various news programs.
Production and distribution
Paramount's production and distribution operations encompass a range of activities within the entertainment industry. The company engages in the development, financing, and production of films and television shows through collaboration with writers, directors, and actors. Paramount then distributes their produced content globally through partnerships, licensing deals, and digital platforms. Paramount's historical success has been driven by its focus on content quality, market relevance, and effective distribution strategies.
The news side of the Paramount organization
The news side of the wider Paramount organization is CBS, which operates a robust news division that delivers reliable and up-to-date news coverage. With teams of journalists, anchors, and correspondents, CBS News provides comprehensive reporting on national and international events across various platforms, including television, digital, and radio. As part of the broader Paramount organization, CBS benefits from the company's extensive resources and expertise in content creation, distribution, and production.
Breaking into the streaming world
Paramount has, in the wake of the streaming revolution brought on primarily by Netflix, started their own streaming service. This isn’t something that Paramount is alone in pursuing and similar services are being offered to consumers by companies such as Amazon and Disney. Paramount+ is the company’s own foray into the streaming world and was launched in 2014 under the name CBS All Access. Back then, the primary function of the service was to enable consumers to live-stream content from CBS. Paramount has made a big push with their streaming service in recent years and the platform includes movies and shows produced in-house, as well as content from other production companies.
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