Paramount, a Hollywood legacy studio struggling to adapt, will merge with Skydance in a deal valued at $28 billion. This move marks the exit of the Redstone family from the entertainment industry after decades of ownership. With the merger, David Ellison, son of billionaire Larry Ellison, will become chairman and CEO of the new entity, New Paramount. The aim is to fortify Paramount for the future by focusing on content and transitioning to a tech hybrid approach. Plans include rebuilding Paramount+, expanding direct-to-consumer business, and utilizing artificial intelligence for efficiency. The merger comes at a tumultuous time for Paramount, which has faced declining growth in linear TV and struggled to find its footing. The deal is expected to close in September 2025 pending regulatory approval.