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Paramount and Skydance agree to merge, ending Redstone era

The deal would elevate David Ellison, the 41-year-old tech scion who founded Skydance, as Hollywood's newest power broker.

He was replaced by a trio of executives who occupy the "office of the C.E.O.," a group that has proposed making $500 million in cuts, selling off certain assets, and exploring a possible joint venture partner for Paramount+. Other prospective bidders for National Amusements emerged: independent Hollywood producer Steven Paul, Seagram heir Edgar Bronfman, who is backed by private equity firm Bain Capital, and IAC Chair Barry Diller. Ellison and his financial backers, including Redbird Capital Partners, also took steps to bolster Paramount's balance sheets, promising an injection of $1.5 billion, the source told Reuters.

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