David Ellison’s Skydance Media has closed its $8 billion merger with Paramount Global to create new company Paramount Skydance Corp.

The Paramount Merger Was a Bad Deal for Old Shareholders. Buying the Stock Is a Good Bet for New Ones.

Ellison spoke with CBS journalists on his first day, acknowledging the stresses of the past year and touting the importance of “fact-based journalism,” a person in attendance said.