Paramount Global squeezed out a small profit in its last quarter before an anticipated sale to Skydance Media, boosted in part by new subscriptions to the Paramount+ streaming service amid a period in which traditional revenue from advertising and cable distribution fell.

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?

Paramount Global said on Friday it expects to complete its merger with Skydance Media by August 7, following government approval for the $8.4 billion deal.