Paramount’s third act will still offer plenty of drama

Not that they have much choice in the matter, but Paramount Global PARA -5.33%decrease; red triangle pointing down shareholders should always give David Ellison a chance.

The struggling media giant has finally closed its merger deal with Skydance Media. Under the deal announced late Sunday, Skydance founder Ellison will become Paramount’s chief executive officer while holders of the company’s Class B shares can choose to receive an equal number of shares in the new combined company, or $15 per share in cash for a total payout of $4.3 billion. The $15 per share price represents a 56% premium to the stock’s record low hit last month after Paramount’s controlling shareholder, Shari Redstonesurprisingly rejected Skydance’s latest offer. The offer also represents about half the stock value it was two years ago, when the company’s “Top Gun: Maverick” dominated the summer box office and grossed nearly $1.5 billion worldwide.