The merger catapults new power players to the top of Hollywood and ends a tortuous process that has lasted well over a year.

Skydance Media and Paramount Global have completed their merger, creating a new media conglomerate and ending months of turmoil over the deal that has drawn allegations of corruption directed at the Trump administration.

Skydance Media’s deal to purchase CBS parent company Paramount Global for $8 billion is complete, and incoming chairman / CEO David Ellison’s first order of business is a massive restructuring. In an open letter about his plans for Paramount,