Paramount Global’s year-long effort to sell itself has culminated in the completion of an $8.4 billion merger with Skydance Media. The transaction closed on 7 August, creating Paramount Skydance Corp, whose Class B shares begin trading on Nasdaq under the symbol PSKY. The deal pairs Paramount’s century-old film and television library with Skydance’s technology-oriented production assets at a moment when legacy media businesses are under pressure from the shift to streaming. Skydance founder David Ellison, 42, becomes chairman and chief executive of the combined company. Former NBCUniversal chief Jeff Shell is president, while RedBird Capital partner Andy Gordon assumes the chief operating officer post. Ellison said Paramount Skydance will be organised into three operating segments—Studios, Direct-to-Consumer and TV Media—and pledged to exceed a previously announced $2 billion cost-efficiency target through a heavier reliance on technology and a unified platform for Paramount+ and Pluto TV. Financing for the takeover includes $2.4 billion to buy out Shari Redstone’s controlling stake in National Amusements, $4.5 billion for non-NAI shareholders and $1.5 billion of fresh equity to pay down debt. The companies moved swiftly after U.S. regulators cleared the tie-up on 24 July, weeks after Paramount paid $16 million to settle a lawsuit filed by President Donald Trump over a 2024 ‘60 Minutes’ interview. While the deal received FCC approval, the agency continues to examine allegations of political bias at CBS News. Ellison outlined a ‘tech-forward’ strategy in an open letter, emphasising greater investment in streaming, sports rights and selective use of artificial intelligence. An SEC filing shows both Ellison and Shell will earn base salaries of $3.5 million with annual bonus targets of $1.5 million. The 10-member board features Oracle CEO Safra Catz, former Paramount Pictures head Sherry Lansing and other executives drawn from technology, finance and entertainment.