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.

David Ellison's Skydance Media has closed its $8 billion merger with Paramount Global to create new company Paramount, a Skydance Corporation, the company announced Thursday. The finalization of the acquisition follows the FCC’s July 24 approval of the deal,