Paramount Global and Skydance Media have completed their $8.4 billion merger after more than a year of negotiations and regulatory scrutiny. The deal, which officially closed on August 7, 2025, marks a major shift in control from Shari Redstone to David Ellison, founder of Skydance and new CEO of the merged entity, now renamed Paramount Skydance Corp. The merger process faced political controversies and shareholder concerns, including a lawsuit related to CBS News' "60 Minutes," which was settled prior to closing. Backed by Oracle billionaire Larry Ellison and private equity firm RedBird Capital Partners, which invested $1.8 billion, the merger aims to transform the century-old entertainment company into a technology-driven media enterprise. David Ellison has expressed a commitment to maintaining the legacy of CBS News and emphasized plans to make Paramount Skydance the most technologically capable media company. The company’s Class B shares began trading on Nasdaq under the ticker symbol $PSKY. Ellison also praised the creators of the animated show "South Park" for their equal-opportunity satire amid recent headlines involving President Trump. The merger is viewed as a pivotal moment for Hollywood, with private equity's growing influence highlighted by RedBird's substantial stake.