the split by selling off one of the companies.
But in the years that followed, Viacom struggled to adapt to the changing media landscape, with declining ratings and an inability to compete with streaming giants like Netflix and Amazon. Redstone and his daughter, Shari, clashed over the direction of the company, leading to a bitter public feud that culminated in a court battle over control of the company.
Shari Redstone ultimately prevailed, taking over as chairman of ViacomCBS and overseeing a series of strategic moves to try to turn the company around. She rebranded the company as Paramount Global in an effort to capitalize on the strength of the Paramount brand and refocused its efforts on producing content for streaming platforms.
The sale of Paramount to David Ellison’s Skydance marks the end of an era for the Redstone family and the beginning of a new chapter for the storied studio. Ellison’s vision for the company includes leveraging its intellectual property and combining it with Skydance’s expertise in film and television production to create a powerhouse in the entertainment industry.
With the approval of the deal by Paramount’s board, the final steps are now in motion to complete the transaction and usher in a new era for one of Hollywood’s oldest and most iconic studios.