(Reuters) - Skydance Media and Paramount Global have agreed to a merger, the companies announced late on Sunday, marking the end of an era for the Redstone media empire which was launched as a chain of movie theaters by Shari Redstone's family in 1936.

Originally named the Northeast Theater Corporation, it later morphed into National Amusements, which eventually became one of the largest media companies in the United States, with Paramount Pictures, CBS and Viacom under its umbrella.

Paramount and Skydance agreed to a two-step process in which Skydance and its deal partners will acquire National Amusements, which holds the Redstone family's controlling stake in Paramount, for $2.4 billion in cash.

After the National Amusements acquisition, Skydance will merge with Paramount, offering shareholders $4.5 billion in cash or stock, and add $1.5 billion to Paramount's balance sheet.

Here are the key events leading up to the deal: