A special committee confirmed over the weekend that a merger between Paramount Global and Skydance Media has been unanimously approved – fusing together two production houses to create New Paramount. Consider the conclusion of Paramount’s M&A saga as more of a recovery and stabilization strategy than anything capable of moving mountains. While investors will salivate at the promise of improved shareholder returns, much of the damage has already been done. Paramount shares are down some 88% from the company’s March 2021 price peak. As expected, the merger agreement includes a 45-day “go-shop” clause, permitting Paramount’s special committee to continue entertaining alternative acquisition offers. Do not rule out another twist, with billionaire Barry Diller reportedly circling a reunion with Paramount via…