Renowned media conglomerate and CBS parent company, Paramount Globe, agreed to merge with independent studio film studio Skydance, the companies announced on Sunday, ending the Redstone family reign.

After six months of negotiations, Paramount chair Shari Redstone – whose father purchased the company in 1994 – authorized the sale of the family’s controlling stake, enabling the $28 billion deal to proceed.

“Given the changes in the industry, we want to fortify Paramount for the future while ensuring that content remains king,” Redstone said.

As part of the merger deal, Skydance is required to invest $8 billion into the new company and pay an additional $2.4 billion to buy National Amusements, the Redstone family-holding company that carries 80% of Paramount's voting shares. This was achieved through the production company’s consortium of investors that enabled the purchase, backed by various private equity firms such as RedBird Capital Partners.

“I am incredibly grateful to Shari Redstone and her family who have agreed to entrust us with the opportunity to lead Paramount,” said Skydance chair David Ellison, son of tech mogul and Oracle co-founder Larry Ellison. “We are committed to energizing the business and bolstering Paramount with contemporary technology, new leadership, and a creative discipline that aims to enrich generations to come.”

Before the merger deal, the studios have collaborated on multiple big projects in the past, including "Top Gun: Maverick", "Star Trek Into the Darkness", and "Mission Impossible – Dead Reckoning."

“As a longtime production partner to Paramount, Skydance knows Paramount well and has a clear strategic vision and the resources to take it to its next stage of growth, Redstone said, adding, "We believe in Paramount and we always will."