Paramount Global and Skydance Media have finalized their $8.4 billion merger after a lengthy process. The new entity, Paramount Skydance Corp (PSKY), will begin trading on the Nasdaq. Shares in the company dropped by 7% on the first day of trading.

The merger combines Paramount’s distribution network and content library with Skydance’s production capabilities. CEO David Ellison plans to revamp operations and focus on streaming and cash flow. Paramount struggled with declining linear TV business, resulting in significant write-downs.

The Federal Communications Commission approved the merger, following a lawsuit settlement with President Trump. Paramount’s new structure will include studios, direct-to-consumer, and TV media segments. Ellison aims to enhance technological capabilities and prioritize streaming growth.

Read more at Yahoo Finance: Paramount closes $8 billion merger with Skydance after settling ’60 Minutes’ lawsuit