Paramount Global and Skydance Media have completed their $8.4 billion merger after more than a year of negotiations and regulatory scrutiny, marking a major shift in Hollywood's media landscape. The deal, which was officially closed on August 7, 2025, transfers control of Paramount from Shari Redstone to David Ellison, founder of Skydance and the new chairman and CEO of the combined company, now renamed Paramount Skydance Corp. The merger process faced political controversies, shareholder concerns, and a lawsuit related to CBS News' "60 Minutes," which was settled prior to closing. The newly formed entity aims to transform Paramount into a technology-driven media enterprise, with Ellison emphasizing ambitions to be the most technologically capable media company. The company’s Class B shares began trading on Nasdaq under the ticker symbol $PSKY. The merger is backed by significant investment from RedBird Capital Partners, led by billionaire Gerry Cardinale, who invested $1.8 billion and is expected to wield considerable influence in the new organization. The deal also coincides with new content deals, including a $1.5 billion agreement with creators Trey Parker and Matt Stone. Despite initial tensions during the post-merger press conference, Ellison has expressed commitment to the legacy and trust of CBS News. The merger concludes a protracted process that has been described as politically charged, with some observers characterizing it as a transfer of a media asset to favored oligarchs. The combined company is positioned to leverage stronger financial resources and technological capabilities to revitalize Paramount's longstanding entertainment brand.