On July 7, 2024, Skydance Media and Paramount Global reached a definitive agreement to form "New Paramount," a next-generation media and technology leader, through a two-step process involving the acquisition of National Amusements, Inc. (NAI) and a subsequent merger of Skydance and Paramount. The deal, valued at approximately US$28 billion (about $37.24 billion CAD), strengthened the companies' global presence, including operations in Canada. Skydance, which already operated animation and gaming studios in Canada, expanded its footprint through this deal. Paramount, with its established media presence in Canada via platforms like CBS and its vast film and television library, benefited from increased investment in technology across multiple entertainment sectors such as film, television, animation, and gaming.

Skydance Investor Group, led by the Ellison family and RedBird Capital, invested up to $6 billion USD (about $7.98 billion CAD) in the transaction. This merger helped both companies expand their operations, particularly in areas like interactive gaming, animation, and sports entertainment, which were growth areas in the Canadian market. The transaction, expected to close in 2025, further bolstered Canadian operations by integrating creative resources with Paramount's extensive distribution network.

Legal advisors involved included Latham & Watkins LLP for Skydance, Sullivan & Cromwell LLP for RedBird Capital Partners, Ropes & Gray LLP for National Amusements, Cravath, Swaine & Moore LLP for the Paramount Special Committee, Simpson Thacher & Bartlett LLP for Paramount Global, and Borden Ladner Gervais LLP as Canadian competition counsel to Skydance.