Paramount agrees to Skydance merger in $8 bln deal

) said on late-Sunday its board had unanimously approved a takeover offer by Skydance Media, ending months of speculation over the deal and opening up a new path for the studio.

The overall deal will include a $4.2 billion investment in Paramount by a group comprising the Ellison Family and Redbird Capital and $1.5 billion of primary capital for the combined entity, called New Paramount. “Our hope is that the Skydance transaction will enable Paramount’s continued success in this rapidly changing environment,” Paramount Global chair Shari Redstone said.

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