Paramount and Skydance just agreed to a takeover. But media's messiest deal isn't over yet.

Group 1 - Paramount has agreed to merge with Skydance Media, marking a significant development in the media industry [3][5] - The deal involves the acquisition of National Amusements, which holds the controlling stake in Paramount, indicating a consolidation of power within the media sector [3][4] - The merger may face scrutiny from the FTC, which has been active in bringing antitrust lawsuits under the leadership of Lina Khan [5] Group 2 - The merger concludes a lengthy and complex negotiation process between Shari Redstone of National Amusements and David Ellison, CEO of Skydance [4] - This transaction highlights ongoing trends in the media industry towards consolidation and the formation of larger entities to compete in a rapidly changing market [3][5]