Skydance Media's $8 billion acquisition of Paramount Global officially closed Thursday, marking a significant shift in ownership from Shari Redstone to David Ellison. The deal concluded with Redstone receiving $1.75 billion. Paramount's former co-CEOs, Chris McCarthy and Brian Robbins, are departing, while George Cheeks remains. Significant cost-cutting measures and workforce reductions have already been implemented. The combined entity, trading as PSKY on Nasdaq, aims to leverage technology for enhanced storytelling, though Ellison acknowledges difficult decisions lie ahead.

Prepared by Christopher Adams and reviewed by editorial team.