The National Association of Theater Owners will look closely at the details of the new Skydance-Paramount deal to analyze whether it will result in more or less movies being made, the organization’s president and CEO Michael O’Leary said in a statement released Monday.
“On behalf of theatre owners across the United States and around the world, NATO will look closely at the details of the proposed merger of Paramount Global and Skydance Media,” O’Leary said. “Our guiding principle in this analysis will be whether this transaction will result in more movies being made for the global theatre-going audience or less. We are encouraged by the commitment that David Ellison and the Skydance Media team have shown to theatrical exhibition in the past.”
O’Leary touted Paramount’s legacy with films like “The Godfather” and “Mission: Impossible” as key to Skydance’s vision for the company.
“A transaction that reaffirms Paramount’s historical commitment to theatrical exhibition will benefit consumers by ensuring a wide array of films, across all genres and budgets, that are synonymous with Paramount’s proud legacy.”
The statement continued, “Conversely, a merger that results in fewer movies being produced will not only hurt consumers and result in less revenue, but negatively impact people who work in all sectors of this great industry – creative, distribution and exhibition. A Paramount that recognizes the unique place of theaters in communities across this nation and around the world will be a catalyst for more movie options being available for movie fans today and for generations of new fans in the years ahead.”
O’Leary concluded that NATO looks forward to hearing more about the proposal and “working with all interested parties in achieving the critical goal of more movies on the big screen.”
Paramount’s board approved Skydance’s bid to merge the studios on Sunday night, with Skydance’s David Ellison to serve as CEO and Jeff Shell set as president of New Paramount. The deal is expected to close in 2025.
Hollywood braced for another big merger when Paramount went up for sale as rival studio Sony Pictures put in a bid with Apollo. Last month, several writers and producers who spoke to TheWrap said they were concerned about the possibility of losing another studio with its own slate of film and TV productions that needs constant product, making a Skydance-owned Paramount a far more preferable option for creatives.
On a call outlining his vision for New Paramount on Monday, Ellison stressed Skydance’s commitment to creative storytelling and making the most of Paramount’s franchises, but did not explicitly state whether Paramount’s output of films would change under the new ownership.
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