Hollywood studio Paramount agrees $28bn Merges with Skydance?

Paramount Global Merges with Skydance:

Paramount Global, a well-known Hollywood company, is joining Skydance (Hollywood studio Paramount), a smaller film studio. This deal ends the connection with the Redstone family.

Shari Redstone Agrees to Sell:

Shari Redstone, who leads Paramount, agreed to sell the family’s main control of the company. Her father, Sumner Redstone, bought Paramount in 1994. Paramount is famous for movies like The Godfather, Titanic, and Breakfast at Tiffany’s.

Paramount’s Assets:

Paramount also owns UK CBS, MTV, Nickelodeon, and Channel 5. The deal, worth $28 billion, took over six months to finish.

Skydance’s Investment:

Skydance will put $8 billion into the new company as part of the merger. Skydance will also pay $2.4 billion to buy National Amusements, a theater company owned by the Redstone family, which holds most of the voting shares in Paramount.

Background:

This agreement comes four years after Sumner Redstone died. His company, Viacom, bought Paramount Pictures 30 years ago for $10 billion. As per previous talks, Shari Redstone had stopped talks with Skydance Media last month because they couldn’t agree on terms. But last week, they made a preliminary deal.

According to Skydance Leadership Skydance is led by David Ellison, son of Larry Ellison, co-founder of Oracle. David Ellison got a group of investors to buy National Amusements and merge with Paramount. After that recent collaboration, Paramount and Skydance have worked together on recent big movies like Top Gun: Maverick, Mission: Impossible – Dead Reckoning, and Star Trek Into Darkness.