Paramount Pictures, one of the oldest and most iconic film studios in Hollywood, has agreed to merge with Skydance Media in an $8 billion deal that will mark the end of an era for the Redstone family’s control over the studio.

The merger, which was announced on Monday, will combine Paramount’s vast library of classic films with Skydance’s cutting-edge production capabilities to create a powerhouse entertainment company that will compete with the likes of Disney, Warner Bros, and Universal.

Under the terms of the deal, Skydance CEO David Ellison will become the CEO of the combined company, while Paramount’s current CEO, Jim Gianopulos, will step down from his role. The merger is expected to close by the end of the year, pending regulatory approval.

The Redstone family, which has controlled Paramount since the 1980s, has seen its influence wane in recent years as the studio has struggled to keep up with changing trends in the industry. The merger with Skydance is seen as a way to revitalize Paramount and bring it back to its former glory.

In a statement, David Ellison said, “We are thrilled to bring together the storied legacy of Paramount Pictures with the cutting-edge creativity of Skydance Media. This merger will create a new powerhouse in the entertainment industry, with the resources and talent to compete on a global scale.”

The deal has already received praise from industry insiders, who see it as a smart move for both companies. With Paramount’s strong brand recognition and Skydance’s track record of producing hit films like “Mission: Impossible” and “Terminator,” the new company is poised for success in the increasingly competitive entertainment landscape.

As the deal moves forward, fans of Paramount can expect to see a new era of innovation and creativity from the studio, as it merges with Skydance to create a bright future for both companies. The merger marks the end of an era for the Redstone family, but the beginning of an exciting new chapter for Paramount and Skydance.