Hollywood giant Paramount agrees to merger with Skydance Media

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.