Paramount Global has agreed for a merger with Skydance, as per media reports.

Reports were varied about the deal’s value with one news story placing it at $28 billion.

Talks were reportedly on for six months. 

According to Skydance Media CEO David Ellison, the acquisition "opens new tab as a technology-media hybrid company at a time Hollywood has been competing for attention with tech giants moving into the entertainment business".

Ellison termed the partnership as "symbiotic relationship between are and technology".

The new entity will have former NBC Universal chief Jeff Shell as President.

The other key leadership roles will be handled by Jeff Zucker and Dana Goldberg.