For the first time, privately held Skydance Media has opened up its books, revealing it has been a largely unprofitable business since 2021, despite being valued at $4.75 billion in its merger deal to take over Paramount Global for $8 billion.
The David Ellison-led company, which beat out a number of bidders to take over the entertainment conglomerate controlled by Shari Redstone, posted a net loss of $56 million in 2023, a small profit of $7.99 million in 2022 and another loss of $81.5 million in 2021, according to a 669-page filing with the Securities Exchange Commission last week.
The company also saw its year over year revenue plunge by 40% in the first half of 2024, the year it closed the deal with Paramount Global.