Paramount Global to merge with Skydance Media

New Delhi: Paramount Global, one of Hollywood's oldest companies, is set to merge with independent film studio Skydance Media, according to media reports. 

The deal, valued at approximately $28bn (£21.9bn), involves Shari Redstone selling her family's controlling stake in Paramount, marking the end of the Redstone family era. 

Under the agreement, Skydance will invest approximately $8 billion in Paramount, which includes a $2.4 billion payment for National Amusements, the controlling entity of the group. 

The merger aims to sustain Paramount's success amidst a changing media landscape, combining films like "Chinatown" and "Breakfast at Tiffany's" with Skydance's recent hits like "Top Gun: Maverick" and "Star Trek Into Darkness.”

Paramount expects to finalise the deal by next summer after eight months of negotiations, during which Redstone explored partnerships with Sony and Apollo. 

In April, Paramount's CEO Bob Bakish departed following disagreements with Redstone regarding the Skydance merger.