Paramount Global (NASDAQ:PARA) has agreed to merge with Skydance Media in a significant deal that places producer David Ellison in control of the iconic Hollywood studio.

This transaction concludes one of the industry’s most dramatic acquisitions.

In this complex arrangement, Paramount Chair Shari Redstone has consented to sell her family’s National Amusements, which holds about 77% of Paramount’s voting stock, for $2.4 billion.

This agreement was detailed in a statement released by the company on Sunday.

This deal represents a swift reversal after previous negotiations between Redstone and Ellison, the son of Oracle Corp. co-founder Larry Ellison, collapsed last month.

Redstone’s decision to terminate the discussions had previously shocked the board and dismayed employees and investors, causing the stock to plummet.

With the merger now agreed, the Ellison family, along with RedBird Capital Partners, has committed over $8 billion to the business.

This investment includes $1.5 billion for reducing Paramount’s debt and $4.5 billion for purchasing Paramount shares.

Following the announcement, Paramount shares surged by as much as 7.2% in premarket trading on Monday, prior to the opening of New York exchanges. The stock had previously closed 3.1% higher at $11.81 on Friday.