Paramount announces $28B US merger with Skydance, a new era for famed Hollywood studio
![The main gate to Paramount Studios is seen on Melrose Avenue, July 8, 2015, in Los Angeles. Entertainment giant Paramount will merge with production company Skydance, closing out a decades long run by the Redstone family in Hollywood and injecting desperately needed cash into a legacy studio that has struggled to adapt to a shifting entertainment landscape. A large, cream-coloured gate is surrounded by palm trees.](https://i.cbc.ca/1.7256926.1720442246!/fileImage/httpImage/image.jpg_gen/derivatives/16x9_620/paramount-skydance-no-deal.jpg)
Entertainment giant Paramount will merge with production company Skydance, closing out a decades-long run by the Redstone family in Hollywood and injecting desperately needed cash into a legacy studio that has struggled to adapt to a shifting entertainment landscape.