(Reuters) -Paramount Global 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.

(Reporting by Deborah Sophia in Bengaluru)