The agreement named David Ellison as the combined company's prospective chair and chief executive and identified Shari Redstone as chair, president, and chief executive of National Amusements; completion remained subject to regulatory approvals, and Trump later designated Brendan Carr as FCC chairman before the Commission acted on the transfer.

Paramount and Skydance signed a two-step transaction providing $2.4 billion to acquire National Amusements, $4.5 billion for public-shareholder consideration, and $1.5 billion in new Paramount capital; the investor group was expected to own approximately 70% of pro forma shares after closing.