Paramount Global, the owner of Paramount Pictures and CBS, will merge with a media company founded by David Ellison.

"Mission: Impossible" coproducer Skydance will acquire Paramount controlling shareholder Shari Redstone's National Amusements.

Skydance Media and its backers have reached a deal to invest an astounding $8 billion dollars in a takeover of Paramount Global–bringing new ownership of CBS, Nickelodeon, and Paramount Pictures for the first time in nearly half a century.