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,

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.