One of Hollywood's oldest companies, Paramount Global, has agreed to merge with independent film studio Skydance Media.
Under the deal, Paramount's non-executive chair Shari Redstone will sell her family's controlling stake in the company in a complex transaction that will result in a new firm worth around $28bn (£21.9bn).
It marks the end of an era for the Redstone family, whose late patriarch, Sumner Redstone, transformed a chain of drive-in cinemas into a vast media empire.
As well as Paramount, the group includes the television networks CBS, Comedy Central, Nickelodeon and MTV.
"Our hope is that the Skydance transaction will enable Paramount’s continued success in this rapidly changing environment," Ms Redstone said in a statement.
According to the company its TV channels have a global reach of over 4.3 billion subscribers across more than 180 countries.
The merger would combine Paramount, home of classic films such as Chinatown and Breakfast at Tiffany's, with its financial partner on several recent big releases, including Top Gun: Maverick and Star Trek Into Darkness.
Under the agreement, Skydance will invest around $8bn in Paramount, including paying $2.4bn for National Amusements, which controls the group.
www.bbc.com
Under the deal, Paramount's non-executive chair Shari Redstone will sell her family's controlling stake in the company in a complex transaction that will result in a new firm worth around $28bn (£21.9bn).
It marks the end of an era for the Redstone family, whose late patriarch, Sumner Redstone, transformed a chain of drive-in cinemas into a vast media empire.
As well as Paramount, the group includes the television networks CBS, Comedy Central, Nickelodeon and MTV.
"Our hope is that the Skydance transaction will enable Paramount’s continued success in this rapidly changing environment," Ms Redstone said in a statement.
According to the company its TV channels have a global reach of over 4.3 billion subscribers across more than 180 countries.
The merger would combine Paramount, home of classic films such as Chinatown and Breakfast at Tiffany's, with its financial partner on several recent big releases, including Top Gun: Maverick and Star Trek Into Darkness.
Under the agreement, Skydance will invest around $8bn in Paramount, including paying $2.4bn for National Amusements, which controls the group.
Hollywood icon Paramount agrees merger deal with Skydance Media
The studio has made many hit films, including the Godfather, Star Trek, and Mission: Impossible series.
www.bbc.com
