Paramount Global, the beleaguered Hollywood conglomerate that owns Network Ten, MTV, Nickelodeon and its namesake movie studio, effectively sold itself to the family behind a string of Tom Cruise hits on Monday.
Film production studio Skydance Pictures will formally merge with Paramount and its billionaire owners, the Ellison family, will buy out the controlling stake in Paramount from the Redstone family.
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Nick Bonyhady was a technology writer for The Australian Financial Review. Connect with Nick on Twitter.
