Paramount and Skydance Media have agreed to a transaction to create a combined company worth about $28 billion, adding to a string of high-profile mergers in the entertainment industry.

The combined company was referred to as “New Paramount” in a news release from Skydance, which was founded by Larry Ellison’s son David Ellison in 2010. Shari Redstone’s National Amusements owns the vast majority of voting shares of Paramount and agreed to the terms of the deal.