Paramount Global, one of Hollywood's top film studios, has announced a merger agreement with independent studio Skydance Media. Paramount’s non-executive chair, Shari Redstone, will sell her family’s main stake in the production company in a deal that will create a new firm worth $28 billion. The film group, apart from Paramount, includes the TV networks Comedy Central, CBS, MTV, and Nickelodeon. Paramount claims a reach of 4.3 billion viewers, but has struggled, with its shares falling by 75%. Skydance will invest around $8 billion in Paramount and pay $2.4 billion for National Amusements, which controls the group. Skydance has produced several iconic films, including 'The Godfather,' 'Star Trek,' and the 'Mission: Impossible' series.