The lines between traditional Hollywood and the tech industry became fuzzier than ever when Skydance Media announced on Sunday that it had an $8 billion deal in place to acquire Paramount Global, the entertainment conglomerate with a century-old movie studio along with a TV network, cable channels and streaming services.
“The tech companies have obviously been pushing very significantly into the media space,” CEO David Ellison told TheWrap in a media call on Monday, referring to Apple, Amazon and of course the Netflix streaming colossus. “We believe what is required to meet this moment is to obviously have a traditional media company like Paramount expand into both a media and technology company.”