Media heiress Shari Redstone has been in talks to sell her controlling stake in Paramount Global to Skydance Media since the beginning of the year, The New York Times reported.Tasos Katopodis/Getty ImagesParamount Global's board approved a merger with Skydance on Sunday.This marks the end of a tumultuous deal process and a new era for the troubled media giant.Skydance's David Ellison will be the CEO of Paramount.Paramount Global, the troubled media giant that owns CBS and Nickelodeon, has agreed to merge with David Ellison's Skydance Media production company, creating "New Paramount," the companies announced late Sunday evening.The merger was reported earlier on Sunday by multiple outlets.The announcement marks the end of a shaky dealmaking process and a new chapter for Paramount.Paramount has struggled in recent years to adapt to a generation of viewers going digital, as Business Insider's Peter Kafka previously noted.
Comment on Paramount Global merges with Skydance, creating 'New Paramount'
lloydlee@insider.com (Lloyd Lee), Business Insider
Sun, 07/07/2024 - 7:00pm
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