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NEW YORK — 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.
Just weeks after turning down a similar agreement with Skydance, however, Redstone agreed to a deal on terms that had not changed much. The on-again, off-again merger arrives at tumultuous time for Paramount, which in an annual shareholder meeting in early June laid out a restructuring plan that includes major cost cuts.
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 Paramount Pictures.
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