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- Paramount Global's board approved a merger with Skydance on Sunday.
- This marks the end of a tumultuous deal process and a new era for the troubled media giant.
- Skydance's David Ellison will be the CEO of Paramount.
Paramount Global, the troubled media giant that owns CBS and Nickelodeon, has agreed to merge with David Ellison's Skydance Media production company, creating "New Paramount," the companies announced late Sunday evening.
The merger was reported earlier on Sunday by multiple outlets.