Paramount and Skydance agree to a merger

SKYDANCE Media and Paramount Global agreed to merge, the companies announced late Sunday evening, opening a new chapter for one of Hollywood's oldest studios.Shari Redstone, Paramount's non-executive chairman, will sell the family's controlling stake in the company in a complex transaction that will culminate in a merger.

There has been tension in the executive suites. Its chief executive, Bob Bakish, was ousted in April after clashing with the company's controlling shareholder, Shari Redstone, over the Skydance deal.He was replaced by a trio of executives who occupy the 'office of the CEO,' a group that has proposed making $500 million in cuts, selling off certain assets, and exploring a possible joint venture partner for Paramount+.

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Paramount, Skydance merger called offNEW YORK — National Amusements, which owns a majority voting stake in embattled entertainment giant Paramount Global, said on Tuesday that it has ended talks on a possible merger of Paramount with movie production company Skydance Media.
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