On July 7, 2024, Skydance Media, LLC and Paramount Global announced a definitive agreement for a transformational US$8 billion merger, combining Paramount's storied film and television library, including CBS, Paramount Pictures, MTV, Nickelodeon and Paramount Plus, with Skydance's technology-forward production capabilities. The transaction was structured as a two-step process. In the first step, Skydance, together with an investor consortium led by David Ellison and including RedBird Capital Partners and the Ellison family, acquired National Amusements, Inc., the Redstone family vehicle that held nearly 80 percent of Paramount's voting shares. In the second step, Skydance merged with Paramount Global in a transaction that delivered US$4.5 billion in cash and stock to public shareholders and injected US$1.5 billion into Paramount's balance sheet to address its substantial debt load. The merger ended nearly three decades of Redstone family control over Paramount. The Federal Communications Commission approved the deal on July 24, 2025, and the transaction closed on August 7, 2025, forming Paramount Skydance Corporation, which began trading on Nasdaq under the ticker symbol "PSKY," with an enterprise value of approximately US$28 billion. David Ellison became chairman and chief executive officer, and Jeff Shell was named president, with the combined company targeting more than US$2 billion in post-merger cost synergies. The transaction required clearance across multiple jurisdictions, including dual-track Canadian competition and Investment Canada Act cultural reviews, the latter resolving through undertakings negotiated with the Minister of Canadian Heritage.