 The entertainment giant Paramount, which owns CBS, will merge with Skydance. It will close out a decades-long run by the Redstone family in Hollywood. It also signals the rise of a new power player, David Ellison, the founder of Skydance, and son of billionaire Larry Ellison, the founder of the software company Oracle. The new combined company is valued at around $28 billion. Jennifer Kuiper, CBS News.