Paramount and Skydance agree to merge

At the top: Lupita Nyong’o (left) and director Michael Sarnoski on the set of “A Quiet Place: Day One”. The film was released this year by Paramount, which has entered into a deal to merge with Skydance Media and elevate Ellison into a Hollywood power broker. — AP

NEW YORK: Skydance Media and Paramount Global agreed to merge, the companies announced on Sunday, opening a new chapter for one of Hollywood’s oldest studios.

Shari Redstone, Paramount’s non-executive chairperson, will sell the family’s controlling stake in the company in a complex transaction that will culminate in a merger.