The Latest Breaking News from Sumner Redstone

Withdrawal appears to clear way for Skydance to close acquisition of struggling media company

Entertainment giant Paramount Global is extending by 15 days a period where it’s allowed to assess alternative offers to its merger agreement with Skydance so that it can review a proposal from Edgar Bronfman, Jr. Paramount said late Wednesday that the “go shop” period for Bronfman will be extended until…

Merged venture, named ‘New Paramount’ will be led by David Ellison as Chairman/CEO and Jeff Shell as President

Shari Redstone, Paramount's non-executive chair, will relinquish the family's controlling stake through a complex transaction that will lead to the merger.

End to Redstone family’s involvement in media group, which also owns CBS, Nickelodeon and the UK’s Channel 5

Entertainment giant Paramount, which owns CBS and was behind blockbuster films such as “Top Gun” and “The Godfather” has agreed to merge with Skydance

Complex deal is valued at around $8 billion and will take control over Par out of Redstone hands for the first time since 1987

The proposed new deal, valued at $1.75 billion, involves Skydance acquiring National Amusements' 77% voting shares in Paramount.

The deal was on the verge of completion when National Amusements' lawyers sent an email to Paramount's special committee, announcing the termination of talks.