Aug 7 (Reuters) - Paramount Global ( PARAA ) and Skydance Media

have completed their $8.4 billion merger that was announced more

than a year ago, the companies said, capping a long-drawn deal

process marked by political scrutiny and shareholder concerns.

Renamed "Paramount Skydance Corp", the company's Class B

shares will start trading on the Nasdaq under the ticker symbol

PSKY from Thursday.

The merger brings together a major player in the industry

with a sprawling global distribution network and a prized film

and TV library, including classics such as "Breakfast at

Tiffany's", with Skydance's production and technological

capabilities.

"Today marks Day One of a new Paramount...the coming months

will be defined by a series of focused efforts to re-engineer

how our company operates, produces its creative content, and

goes to market," said David Ellison, Chairman and CEO of the

combined company.

The company will be structured into three business segments

- studios, direct-to-consumer and TV media - with Ellison

emphasizing the need to expand Paramount's technological

capabilities, grow its streaming business and prioritize cash

flow.

The merger came at a time when Paramount, like other legacy

media players, was struggling with sagging traditional linear TV

business as consumers shift to streaming platforms. Paramount

took nearly $6 billion in write-downs on cable assets.

The Federal Communications Commission cleared the merger

last month, weeks after Paramount settled a lawsuit filed by

U.S. President Donald Trump over CBS' editing of a "60 Minutes"

interview with his Democratic opponent Kamala Harris.