Entertainment giant Paramount agrees to a merger with Skydance

Entertainment giant Paramount, which owns CBS and was behind blockbuster films such as “Top Gun” and “The Godfather” has agreed to merge with Skydance, the companies said.“Given the changes in the industry, we want to fortify Paramount for the future while ensuring that content remains king,” said Shari Redstone, chair of Paramount Global.

Skydance, based in Santa Monica, California, has helped produce some major Paramount hits in recent years. Those include several Tom Cruise films including “Top Gun: Maverick” and installments of the “Mission Impossible” series. David Ellison will be chairman and chief executive officer of what’s being called New Paramount. The agreement still needs regulatory approval.Trump Media shares swing wildly and then tumble a day after former president was convictedThe on-again, off-again merger arrives at tumultuous time for Paramount, which in an annual shareholder meeting in early June laid out a restructuring plan that includes major cost cuts. The company also saw a leadership shakeup earlier this year.

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