They expect the deal to close in the third quarter of 2025.

Skydance and Paramount announced their merger late Sunday nightafter months of on-and-off negotiations.

Theres a 45-day go shop period for other interested buyers to jump in the ring.

David Ellison and Skydance acquire Paramount

David EllisonGetty Images

If the current deal falls through, Skydance gets a $400 million breakup fee.

Its leverage must fall for that to happen.

Tom Cruise in ‘Top Gun: Maverick’; Paramount Studios