Paramount Global has formally agreed to merge with Skydance Media, ending months of negotiations and speculation over who would control the 112-year-old media company. The combined company is estimated to be worth $28B once the merger is complete.
The deal—similar to one Paramount rejected last month—involves Skydance CEO David Ellison purchasing the controlling stake in Paramount from media heiress Shari Redstone's National Amusements for $2.4B prior to the merger. Ellison, son of Oracle founder Larry Ellison, will replace a trio of CEOs who have run Paramount since April when failed talks with Skydance led to the ouster of Paramount's then-CEO Bob Bakish. The deal is set to be finalized next year, pending regulatory approval.
The deal comes after months of back-and-forth between Paramount and Skydance as well as other potential buyers, including Warner Bros. Discovery. While Paramount is one of Hollywood's oldest studios, its streaming service has struggled to find an audience, and the company has lost $17B in value over the past five years.
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