One of Hollywood’s most iconic companies, Paramount Global, has agreed to merge with independent film studio Skydance Media. Paramount’s controlling shareholder, Shari Redstone, agreed to sell her stake to David Ellison’s Skydance for 8 billion U.S. dollars.
Under the agreement, Skydance will invest back some 8 billion dollars in merging their TV and movie production studio with Paramount, while additionally acquiring the Redstone family’s National Amusements which holds 77 percent of Paramount’s voting shares for 2-point-4 billion dollars.
While Paramount’s shares have fallen by more than 75 percent in the last five years, the studio created many hit films, such as the Godfather series, Breakfast at Tiffany’s, Stark Trek, and the Mission: Impossible franchise.
Source : Arirang TV, https://www.arirang.com/news/view?id=273065
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