Paramount Global to Merge with Skydance Media, Ending Speculation #

Paramount Global, the media empire behind CBS and MTV, has agreed to merge with technology company Skydance Media. The deal comes after a previous offer from Skydance to acquire Paramount collapsed. The merger will end Shari Redstone’s control of Paramount, which was acquired by her father in the 1980s. Under the agreement, Skydance will first buy National Amusements and then merge with Paramount, valuing Skydance at $4.75 billion. David Ellison, the founder of Skydance, will serve as CEO of the combined company, with former NBCUniversal chief Jeff Shell as president. Paramount has faced challenges due to declining cable revenues and the rise of streaming services. The company’s valuation has plummeted, and attempts to build its own streaming service, Paramount+, have struggled to gain traction. The sale to Skydance Media promises cash and investment into Paramount’s future.