Paramount Global merges with Skydance Media, ending Redstone family's control over Hollywood studio.

Paramount Global to merge with Skydance Media, signalling the end of the Redstone family's control over the Hollywood studio. Under a deal approved late Sunday, Skydance will acquire National Amusements, a holding company with a controlling stake in Paramount. The merger marks the end of the Redstone era and the rise of new power player David Ellison, founder of Skydance and son of billionaire Larry Ellison, founder of software company Oracle. The deal also comes as Paramount has struggled to adapt to the shifting entertainment landscape, with its market value dropping by over 50% since 2019.

July 07, 2024
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