It has been months in the making but Paramount Skydance has finally completed its $110bn (£82.8bn) merger with Warner Bros Discovery.
The deal welds two legacy Hollywood powerhouses, uniting franchises like Harry Potter and Game of Thrones, into an entertainment behemoth named Skydance.
Yet behind this milestone lies strict rules about what the combined business can and cannot do - from how many films it must produce a year to the editorial independence of its newsroom.
Here are four ways this could affect you and the movies, TV and news you watch.
Warner Bros owns HBO Max, home to The Sopranos, House of the Dragon and Euphoria among others. Meanwhile, Paramount Skydance has Paramount+, which streams the likes of Yellowstone, Parks and Recreation and NCIS.
Combining HBO Max and Paramount+ into a single platform or bundle will likely squeeze subscribers' wallets over time.
While existing subscribers to both might enjoy short-term savings, analysts expect overall prices to rise as the combined giant seeks profitability.
The merged company, Skydance, carries a massive $80bn in debt from the deal, even as executives target $6bn in annual cost savings.
Mike Proulx, research director at Forrester Research, said viewers will undoubtedly get access to a bigger catalog.
But he told the BBC: "There's no way that a combined Paramount+ and HBO Max streaming service won't end up costing more for those who subscribe to only one of the services."
As part of a settlement deal with US states who had objected to the merger, Paramount Skydance has agreed to release a set number of films every year for the next five years.
For the first two years, that's 30 movies annually, and for the remaining period it has to release 32 films each year.
That's 156 movies in total - and the majority have to be "wide releases," meaning they must to be shown in cinemas.
The merged studio must also release at least four independent films each year.
If Skydance misses its movie quota, it could be forced to sell its 49% stake in Miramax – the studio co-founded by disgraced Hollywood mogul Harvey Weinstein.
Breanne Gilliam, a corporate lawyer at Maddin Hauser, said the film commitment is meaningful, even if it comes with an expiration date.
"Once those obligations expire, the company will have far more flexibility," she said.
"Temporary rules cannot permanently fix a structural market shift".
Once the five-year deal ends, Skydance could follow rivals like Disney and Netflix by prioritizing streaming over cinema.
As Disney's $71bn buyout of 21st Century Fox in 2019 proved, mega-deals can lead to fewer films in cinemas.
Before the acquisition, 20th Century Fox routinely released 12 to 17 movies annually in theatres, but under Disney that slate scaled down to just three to six a year.
For those working behind the scenes, the merger of two historic studios has been described as a "disaster" by those on the ground.
Actors and writers recently gathered at Paramount Studios in Los Angeles to oppose the deal, accusing regulators of failing to protect industry livelihoods.
Criminal Minds star Kirsten Vangsness told the BBC she was "heartbroken".
"It's people that make this city," she said. "It's people that make entertainment, it's the everyday creatives that this industry is built on - this is who it hurts."
A report by consultancy CVL Economics for LA County estimated the merger could eliminate roughly 4,500 direct film and TV jobs, while causing $1.26bn in lost wages over three years.
The blow could hit a region that has already lost roughly a third of its film and TV workforce, about 50,000 jobs, since 2022.
Syleecia Thompson, a business professor at National University, said that "it hits small businesses, vendors, caterers and local communities".
She warned that Hollywood may become less of a "single location" and more of a "dispersed network."
Although the settlement establishes a workforce fund to retrain displaced workers, lawyers note it does not block job cuts.
"Nothing in the settlement limits layoffs," attorney Gilliam added.
To address concerns over journalistic independence at CNN and CBS, the settlement creates a news editorial independence board that will be appointed directly by Paramount.
The $110bn deal brings two major US television news operations under a single corporate roof. Before the deal, Paramount owned CBS News, and Warner Bros. owned CNN.
Both networks have faced intense political pressure - CNN was one of a handful of news organisations banned from the White House by President Donald Trump - as well as leadership shifts amid broader industry consolidation.
Paramount chief executive David Ellison has asked CNN boss Mark Thompson - the former director general of the BBC - to remain at the helm after the takeover closes. CBS News's editor-in-chief Bari Weiss will remain in her role.
Yet as Paramount targets billions in cost cuts across the merged company, staff fear the consolidation will trigger significant job losses at CNN and CBS.
Beyond potential workforce reductions, media advocates and legal experts remain deeply skeptical about whether it can ensure newsroom freedom.
Seth Stern, chief of advocacy at Freedom of the Press Foundation, described the Paramount-appointed board as "worthless".
"The board creates the same First Amendment problems it claims to solve, the government meddling in news," Stern said.
Gilliam agrees paper promises mean little without real authority. "An oversight board only has as much power as the agreement gives it. Oversight without authority is just observation," she said.
