Paramount agrees to merge with Skydance

(CNN)– A big shakeup in the entertainment industry happened in a landmark deal on Sunday.

Storied movie studio Paramount is agreeing to merge with David Ellison’s ‘Skydance Media’.

The deal is effectively the ‘end of the era’ for Shari Redstone and her family who controlled Paramount.

The agreement, worth $4.7 billion, also cements Ellison as a media mogul.

Once the sale is approved by regulators, Skydance would acquire Redstone’s majority stake in ‘National Amusements’ holding company.

That will result in control of the Paramount empire which includes a number of cable channels including, Nickelodeon, Comedy Central, and MTV.