The deal would elevate David Ellison, the 41-year-old tech scion who founded Skydance, as Hollywood’s newest power broker
The Paramount-Skydance deal culminated months of talks that appeared to have derailed when Redstone abruptly called off negotiations on June 11. (Photo: Bloomberg)
Paramount Global’s board of directors Sunday approved a deal to merge with Skydance Media, opening a new chapter for one of Hollywood’s oldest studios.
The agreement could be finalised as soon as Sunday night.
Click here to connect with us on WhatsApp The deal marks the end of an era for the Redstone family, whose late patriarch, Sumner Redstone, transformed the family’s chain of drive-in movie theaters into a media empire that included Paramount Pictures, the CBS broadcast network and cable television networks Comedy Central, Nickelodeon and MTV.
The merger would combine Paramount, home of such classic films as «Chinatown», «The Godfather» and «Breakfast at Tiffany’s», with its financial partner on several major recent films, including «Top Gun: Maverick», «Mission: Impossible-Dead Reckoning» and «Star Trek Into Darkness».
The deal would elevate David Ellison, the 41-year-old tech scion who founded Skydance, as Hollywood’s newest power broker.
He stands to inherit a media company that has a mountain of challenges, as it navigates an entertainment business upended by the streaming video revolution.
