Paramount Global, one of Hollywood’s best-known companies, has agreed to a merger with independent film studio Skydance, in a deal that ends its links with the Redstone family.
Skydance, the production group, is led by the producer David Ellison, the son of Larry Ellison, the tech tycoon who co-founded Oracle. It assembled a consortium of investors to buy National Amusements, and then merge with Paramount. Redstone said: “Given the changes in the industry, we want to fortify Paramount for the future while ensuring that content remains king.
“As a longtime production partner to Paramount, Skydance knows Paramount well and has a clear strategic vision and the resources to take it to its next stage of growth. We believe in Paramount and we always will.”