Paramount Global, the owner of Paramount Pictures and CBS, will merge with a media company founded by David Ellison.

Hollywood has seen massive consolidation over the past decade. Regulators could take that into account if they choose to challenge a deal to effectively combine David Ellison's company with Shari Redstone's empire.

Skydance Media’s acquisition of Paramount was approved on Sunday; the companies have since revealed their vision for a shared future.

David Ellison, the new chief executive of Paramount, has big plans for the media giant and wants to turn it into a "media and technology" company, according to the Financial Times.

Skydance Media CEO David Ellison on Monday sketched out a vision for Paramount Global as a technology-media hybrid company at a time Hollywood has been competing for attention with tech giants moving into the entertainment business.

David Ellison started his pursuit of Paramount Global last winter - 30 years nearly to the month after Sumner Redstone and Barry Diller began their long M&A fight for control of one of Hollywood's foundational studios.

Paramount has laid out some terms of its planned merger with David Ellison's Skydance including what happens if another bidder appears. The deal includes a so-called "go shop" period during which other interest parties can submit offers.

In the few days since Skydance Media reached an $8 billion deal to merge with Paramount Global, David Ellison said the outreach from the entertainment community has been "pretty remarkable and humbling.