NEW YORK (AP) — Skydance and Paramount officially closed their $8 billion merger on Thursday — kicking off the reign of a new entertainment giant after a contentious, over year-long endeavor to get the transaction over the finish line.

The new company — which will trade under the “PSKY” ticker on Wall Street — brings Paramount's legacy Hollywood footprint, major TV networks like CBS and MTV, streaming services and more under the roof of a new power player: billionaire Skydance founder David Ellison.

“Today marks an exciting and pivotal moment as we prepare to bring Paramount’s legacy as a Hollywood institution into the future of entertainment," Ellison, who is now Chairman and CEO of Paramount, a Skydance Corporation, said in a statement. He added that he aims to “honor exceptional st

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