Paramount agrees to merge with Skydance

The deal, approved by Paramount’s board, would usher in a new chapter for the company, which owns CBS and the movie studio behind 'Top Gun'


Paramount and Skydance said on Sunday they had reached an agreement to merge, a deal that would usher in a new era for CBS, Nickelodeon and the film studio behind the “Top Gun” and “Mission: Impossible” franchises.

The deal is a turning point for the Redstone family, whose fortunes have been intertwined with the rise and fall of the traditional entertainment industry during the decades of its tumultuous ownership of Paramount and its predecessors. Shari Redstone, Paramount’s board chair, is cashing in much of her ownership in the company she fought to preserve and control.

The merger has a “go shop” period that will give Paramount’s board a 45-day window to see if it can find a superior deal.

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