Hollywood icon Paramount agrees $28bn merger deal

Paramount Global, one of Hollywood’s oldest firms, is set to merge with Skydance Media in a $28bn deal.

Shari Redstone will sell her family’s controlling stake, marking the end of the Redstone era in media.

The merger aims to bolster Paramount's position amid industry shifts, integrating with Skydance's recent film successes like "Top Gun: Maverick."

The deal includes Skydance's $8bn investment in Paramount and acquisition of National Amusements.

Despite Paramount's historic success with franchises like "Star Trek" and "Mission: Impossible," the company has faced financial challenges, reflected in a significant share drop over the past decade amid streaming industry changes.