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Paramount insidersLos Angeles Times
•79% Informative
David Ellison's bid to buy Paramount Global moves closer to the finish line.
Ellison's Skydance Media and its backers have agreed to buy the Redstone family's Massachusetts holding firm, National Amusements Inc. The proposed $8.4 billion multipronged transaction also includes merging Ellison 's production company into the storied media company.
The Redstones' voting stock in Paramount would be transferred to Skydances, giving Ellison control of a media operation that includes Paramount Pictures , CBS and cable channels MTV , Comedy Central and Nickelodeon .
Ellison's Skydance Media is expected to run Paramount as its chief executive.
Ellison 's company co-produced each film in the "Mission: Impossible — Ghost Protocol ," starring Tom Cruise .
The agreement prepares to close the books on the Redstone family's 37-year tenure at Viacom .
Meanwhile, the company also faces larger industry questions about when — if ever — box office revenue will return to pre-pandemic levels. “This is a company that is floating on hope," said Stephen Galloway , dean of Chapman University's Dodge College of Film and Media Arts. "And hope isn’t a great business strategy.” This story originally appeared in Los Angeles Times ..
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