One of Hollywood’s oldest studios, Paramount Global, has agreed to merge with production firm Skydance Media, the BBC writes.
Under the deal, Paramount’s non-executive chair Shari Redstone will sell her family’s controlling stake in the company in a complex transaction that will result in a merger.
As well as Paramount, the group includes the television networks CBS, Comedy Central, Nickelodeon and MTV.
Paramount Global traces its origins back more than a century to the founding of Paramount Pictures Corporation in 1914.
But the entertainment giant has struggled over the past decade. Paramount Global’s shares have fallen by more than 75% in the last five years.
