Paramount Global has agreed to merge with Skydance Media in a deal valued at approximately $28 billion, bringing an end to the Redstone family's control of the media giant. The merger includes a $2.4 billion sale of National Amusements and an $8 billion investment from Skydance. David Ellison, founder of Skydance, will become the new chairman and CEO of the combined entity, with Jeff Shell set to become president. The deal, subject to regulatory approval, comes after months of negotiations and internal conflicts, notably the ousting of former CEO Bob Bakish. This transaction aims to address Paramount's financial struggles and streaming losses while fortifying it for the future. Significant cost cuts and strategic shifts are expected.