Skydance Media will Acquire Paramount's Parent Company in a $2.4 Billion Merger. David Ellison will take the Helm as CEO of Paramount, Paving the Way for a Media and Tech Transformation.

Paramount and Skydance Media will merge, with Skydance acquiring Paramount's parent company, National Amusements, for $2.4 billion. David Ellison, the head of Skydance, will become the new CEO of Paramount and plans to turn it into more of a "media and technology" company. Paramount+ has struggled to profit despite billions invested and laid off 800 employees, including some from Paramount+, earlier this year. Ellison plans to rebuild Paramount+'s technology, improving its recommendation algorithm and infrastructure with help from his father Larry Ellison's company, Oracle.