Under the two-step deal, Skydance is set to acquire controlling shareholder Shari Redstone’s holding company National Amusements, which controls 77.4% of the Paramount Class A common stock outstanding and approximately 9.5% of the overall equity of the company, before merging with the Hollywood studio.

In what has been rumored for months, Sony Motion Pictures co-President Josh Greenstein is in talks to go to the new Paramount Skydance in an undefined role. We heard this back over Oscar weekend that he was sitting down with buddy David Ellison,

Paramount Global said on Friday it expects to complete its merger with Skydance Media by August 7, following government approval for the $8.4 billion deal.