Paramount Global and Skydance Media have officially completed their long-anticipated $8.4 billion merger, forming a new entity now known as Paramount Skydance Corp, the companies announced on Wednesday.

The deal, over a year in the making, closes amid a shifting media landscape and follows months of political scrutiny and shareholder concerns.

Beginning Thursday, the newly merged company’s Class B shares will trade on the Nasdaq under the ticker symbol PSKY.

The merger unites Paramount’s deep catalogue of film and television titles — including iconic classics like Breakfast at Tiffany’s — and its vast global distribution network, with Skydance’s production expertise and advanced technological infrastructure.

“Today marks Day One of a new Paramount,” said David Ellison, who will serve as Chairman and CEO of the combined company. “The coming months will be defined by focused efforts to re-engineer how our company operates, produces creative content, and goes to market.”

Paramount Skydance Corp will operate across three core segments: studios, direct-to-consumer, and TV media. Ellison emphasized a strategic focus on expanding streaming capabilities, adopting new technology, and enhancing cash flow generation — a critical pivot as legacy media players battle declining revenues from traditional TV.

Paramount has faced mounting challenges from the decline of linear television, taking nearly $6 billion in write-downs tied to its cable network assets. The Skydance merger represents a major restructuring move as the company seeks to remain competitive in an industry dominated by streaming-first platforms.

The deal received regulatory clearance from the Federal Communications Commission last month, shortly after Paramount settled a lawsuit filed by former President Donald Trump related to CBS’ editing of a 60 Minutes interview with then-candidate Kamala Harris.

With the merger now complete, industry analysts will closely watch how Paramount Skydance repositions itself in the evolving entertainment market.