Paramount, Skydance to merge and end Redstone family's reign in Hollywood

The entertainment giant Paramount will merge with Skydance, closing out a decades-long run by the Redstone family in Hollywood and injecting desperately needed cash into a legacy studio that has struggled to adapt to a shifting entertainment landscape.

The companies announced their agreement to merge late on Sunday.

They laid out a two-step process through which Skydance and its partners will acquire National Amusements, which holds the Redstone family’s controlling stake in Paramount, for $2.4bn in cash.

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