LOS ANGELES (Reuters) -Paramount Global ( PARAA ) said on Friday it expects to complete its merger with Skydance Media by August 7, following government approval for the $8.4 billion deal.

After the deal closes, the company will be renamed Paramount Skydance Corp and its Class B shares will trade under the ticker symbol PSKY.

Skydance CEO David Ellison is prepared to assume the helm at Paramount Skydance, home to the venerable Paramount Pictures, the CBS broadcast network, and a collection of cable television channels. 

The new chief executive already is confronted with questions from investors about the future of the Paramount+ streaming service, plans for Paramount's declining television assets, and forecasts for spending on content -- including professional sports. 

"Now that the long, drawn-out sale process is finally nearing its end, Skydance leadership is poised to take control," wrote MoffettNathanson media analyst Robert Fishman. "With that, the real work begins -- rebuilding Paramount, addressing the critical strategic questions ahead, and charting a path toward a more sustainable and competitive future."

Announced more than a year ago, the merger will unite Paramount's prized film and TV library including classics such as "Ferris Bueller's Day Off" and "Breakfast at Tiffany's," with films it produced with Skydance, including "Top Gun: Maverick" and "Mission: Impossible - Dead Reckoning."

Ellison was not available for comment. He has previously said he plans to expand Paramount's technological capabilities, rebuild the Paramount+ platform and grow the streaming business, and reorganize the business to prioritize cash flow. A year ago, he said the team had identified $2 billion in cost savings.

The Federal Communications Commission cleared the deal on Thursday, just 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, former Vice President Kamala Harris.

The $16-million settlement drew criticism that Paramount had effectively bought regulatory approval, with the Democratic dissenter in the FCC's 2-1 vote calling it a "cowardly capitulation" to the Trump administration. The agency has repeatedly said its review was independent of the lawsuit.

The deal marks the end of media mogul Shari Redstone's control over Paramount parent National Amusements. Redstone, long hesitant to part with the studio her late father, Sumner Redstone, acquired in 1994, relinquishes the reins of a media empire her family built over decades.

As part of FCC negotiations, Skydance agreed to appoint an ombudsman to address complaints about editorial bias or other concerns at CBS. The company also pledged to end diversity, equity, and inclusion initiatives that Trump claimed were discriminatory.

CBS News named Tanya Simon its top producer for "60 Minutes" on Thursday, replacing Bill Owens, who stepped down citing a lack of editorial independence amid Trump's lawsuit. 

Since announcing the deal, Paramount has undergone several changes that include internal restructuring, significant cost-cutting and management changes. 

CFO Naveen Chopra exited the company in June to take on a similar role at video game company Roblox.