Paramount Global (NASDAQ:PARA), one of Hollywood's oldest companies, is set to merge with independent film studio Skydance Media.
As part of the deal, Shari Redstone will sell her family's controlling stake in Paramount, creating a new firm valued at around £28 billion.
This merger signifies the end of an era for the Redstone family, whose late patriarch, Sumner Redstone, built a vast media empire from a chain of drive-in cinemas.
Paramount's assets include CBS, Comedy Central, Nickelodeon, and MTV. Redstone expressed hope that the merger would ensure Paramount’s success amid industry changes.
Paramount's TV channels boast over 4.3 billion subscribers in more than 180 countries. The merger will combine Paramount’s storied history with Skydance's recent successes, such as Top Gun: Maverick. Skydance will invest around $8 billion in Paramount, including $2.4 billion for National Amusements, which holds significant voting rights.