The entertainment industry's new power player.

I'm David Brancaccio in New York, Paramount Global,

the conglomerate that owns Paramount Studios and the CBS Television Network

and a lot more has agreed to merge with Sky Dance media.

You may not have heard of Sky Dance, but it's the source of some of Paramount's biggest films.

The deal will cost Sky Dance and its founder David Ellison $8 billion in its

cement's position as a Hollywood mogul. Marketplace's Nova Safo is here live

with more. Yeah this is a potentially big shake-up in the film and TV world, David. The Redstone family has controlled Paramount and CBS for decades.

Sherry, Redstone is currently a majority owner. Should this deal be finalized, and that's not necessarily a certainty it would create a new

mega player in Hollywood David Ellison he is the 41 year old son of Larry Ellison who is the

co-founder of Oracle and the fifth richest man in the world worth around

180 billion dollars.

His son David set up his own production company Sky Dance in 2010 and it's been the source of

several blockbuster films in co-production with Paramount,

films like Top Gun Maverick.

What is David Elson and team plan to do with this sprawling Paramount Empire? Well, whatever he decides to do with this sprawling Paramount Empire?

Well, whatever he decides to do, he has his work cut out for him.

He has to figure out how to staunch losses at Paramount, which is currently engaged in job cuts and other cost reductions,

because its cable and broadcast revenues are shrinking.

Its streaming services are losing money, that's Paramount Plus, which is subscriber-based and

Pluto TV, which is free with advertising.

Over at Skydance, David Ellison expanded

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