In recent years, this once-grand peak has seen more than its share of erosion, as Paramount has fallen behind its studio rivals and struggled to adapt to the advent of streaming. Still, with a historic lot in the heart of Los Angeles and a stable of hit franchises,

David Ellison ‘s Skydance Media will take over Paramount Pictures with an $8 billion investment. The two companies have been trying to work something out over the past several months and they finally locked down a deal.

The deal transfers control of the storied studio behind CBS, MTV and the “Top Gun” franchise, bringing the Redstone era to a close.