Skydance this week is expected to complete is $8 billion acquisition of Paramount Global, following a 20-month process that was cinched via political appeasement. The big question is what comes next.

The long saga of Paramount's sale to David Ellison's Skydance Entertainment is finally done; how is he likely to reshape the century-old media company for the future?

An $8 billion merger between Skydance Media and Paramount Global received regulatory approval Thursday from the Federal Communications Commission in a deal that has raised alarm about free speech and government intrusion into the media.