Paramount and Skydance will merge to create new tech-media giant

David Ellison, the new chief executive of Paramount, has big plans for the media giant and wants to turn it into a "media and technology" company, according to the Financial Times. Ellison is taking over as Paramount's boss after his production studio, Skydance Media, agreed to acquire the company behind massive films and franchises like The Godfather, Top Gun, Mission: Impossible and Star Trek. Skydance served as its financial partner in several projects that include Top Gun: Maverick. According to Reuters, Skydance is paying $2.4 billion to buy National Amusements, the firm that holds a controlling stake in Paramount.