Hollywood icon Paramount agrees merger deal | EUROtoday

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One of Hollywood’s oldest studios, Paramount Global, has agreed to merge with manufacturing agency Skydance Media.

Under the deal, Paramount’s non-executive chair Shari Redstone will promote her household’s controlling stake within the firm in a fancy transaction that may end in a merger.

It marks the top of an period for the Redstone household, whose late patriarch, Sumner Redstone, reworked a series of drive-in cinemas into an unlimited media empire.

As properly as Paramount, the group consists of the tv networks CBS, Comedy Central, Nickelodeon and MTV.

According to the corporate its TV channels have a worldwide attain of over 4.3 billion subscribers throughout greater than 180 international locations.

The merger would mix Paramount, residence of basic movies like Chinatown and Breakfast at Tiffany’s, with its monetary accomplice on a number of latest massive releases, together with Top Gun: Maverick and Star Trek Into Darkness.

Paramount Global traces its origins again greater than a century to the founding of Paramount Pictures Corporation in 1914.

The studio has made many hit movies, together with the Godfather, Star Trek, and Mission: Impossible collection.

But the leisure big has struggled over the previous decade. Paramount Global’s shares have fallen by greater than 75% within the final 5 years.

Skydance is owned David Ellison, the son of Larry Ellison, who based US expertise big Oracle.

In April, Paramount’s chief government Bob Bakish left the corporate after clashing with Ms Redstone over the Skydance deal.

The deal comes as the worldwide leisure trade is being reworked by the video streaming video revolution.