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 is a technology writer for the Australian Financial Review, based in Sydney. He is a former technology editor, industrial relations and politics reporter at the Sydney Morning Herald and Age. Connect with Nick on Twitter. Email Nick at nick.bonyhady@afr.com
