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 main gate to Paramount Studios is seen on Melrose Avenue, July 8, 2015, in Los Angeles. Entertainment giant Paramount has agreed to merge with Skydance, a deal that will hand over control of the company that owns CBS and …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.
It also signals rise of a new power player, David Ellison, the founder of Skydance and son of billionaire Larry Ellison, the founder of the software company Oracle.Class A voting shares though the estate of her late father, Sumner Redstone. She had battled to maintain control of the company that owns CBS, which is behind blockbuster films such as “Top Gun” and “The Godfather.”
Just weeks after turning down a similar agreement with Skydance, however, Redstone agreed to a deal on terms that had not changed much.that same year. Ellison, if the deal is approved by U.S. regulators, will become chairman and chief executive officer of what’s being called Newhas been volatile this year after its CEO Bob Bakish, following a number of disputes with Redstone, was replaced with an “office of the C.E.O,” run by three executives. Four company directors were also replaced.
Under Sumner Redstone’s leadership, Viacom became one of the nation’s media titans, home to pay TV channels MTV and Comedy Central and movie studio It is a company with a rich history, as well as a deep bank of media assets, ankd Skydance wasn’t the only one to gun for
B Entertainment Culture B Paramount Pictures B National Amusements
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