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It marks the end of an era for the Redstone family, whose late patriarch, Sumner Redstone, transformed a chain of drive-in cinemas into a vast media empire. As well as Paramount, the group includes the television networks CBS, Comedy Central, Nickelodeon and MTV. "Our hope is that the Skydance transaction will enable Paramount’s continued success in this rapidly changing environment," Ms Redstone said in a statement.