Paramount Global announced on Friday that it anticipates completing its high-profile merger with Skydance Media by August 7, following regulatory approvals. The $8.4 billion deal marks a major milestone in the entertainment industry, signaling a new chapter for both companies.

The merger will bring together Paramount’s vast media assets and Skydance’s cutting-edge production capabilities, aiming to create a stronger and more competitive entertainment powerhouse. The deal is expected to reshape the global content landscape, consolidating creative resources and enhancing streaming and theatrical offerings.

The announcement comes after weeks of negotiations and scrutiny from government agencies, which have now cleared the path for the merger to proceed.