By C. J. De Mel, Jadetimes News
Paramount Global, a Hollywood giant, has entered into a merger agreement with Skydance Media, an independent film studio. The new firm, valued at $28 billion, will mark the end of the Redstone family's control over Paramount Global. The Redstone family, led by the late Sumner Redstone, had built a media empire that included Paramount Pictures, CBS, Comedy Central, and other networks.
This merger combines Paramount, famous for its classic films, with Skydance, its partner on recent hits like Top Gun: Maverick. Skydance will invest $8 billion in Paramount, acquiring voting control from National Amusements, which is owned by Shari Redstone. The deal is expected to close by next summer.
Paramount Global, founded in 1914, has produced iconic movies like The Godfather and Mission: Impossible. However, the company has faced challenges in recent years, with its share prices falling significantly. Skydance, owned by David Ellison (son of Oracle founder Larry Ellison), is expected to help Paramount navigate the changing entertainment landscape dominated by streaming services. This merger comes after months of negotiations and follows the departure of Paramount's CEO due to disagreements over the deal.nd the profound impact he had on his colleagues and audiences worldwide. His dedication to the art of filmmaking and his generous spirit will be remembered and cherished by those who knew him and enjoyed his films.
