Hollywood giant Paramount agrees $28bn merger deal | BreakingNews.ie

Hollywood giant Paramount Global has agreed a $28 billion (€25.8 billion) merger with Skydance Media in a deal that brings together two of the world’s biggest film studios.

The deal will see Paramount’s non-executive chairperson Shari Redstone sell her family’s controlling stake in the group, ending their involvement in the company founded by her grandfather in 1936.

Paramount is one of Hollywood’s oldest film studios, having produced cinema classics such as The Godfather, Titanic and Raiders Of The Lost Ark, as well as the Mission: Impossible series.

The group also owns television networks CBS, Comedy Central, Nickelodeon and MTV.

Skydance Media is an independent film studio launched by billionaire David Ellison in 2010 and is backed by US private equity groups including RedBird.

Skydance has produced blockbusters including Top Gun: Maverick, Star Trek Into Darkness, and Jack Reacher: Never Go Back.

Ms Redstone said: “Given the changes in the industry, we want to fortify Paramount for the future while ensuring that content remains king.

“Our hope is that the Skydance transaction will enable Paramount’s continued success in this rapidly changing environment.”

The complex deal will see Skydance invest around $8 billion (€7.4 billion) to take over Paramount.

It comprises a two-stage transaction, in which Skydance will pay $2.4 billion (€2.2 billion) to buy National Amusements, which controls Paramount.

Skydance will then merge with Paramount.

The deal is set to close in the first half of 2025.