Paramount has agreed to a merger deal with Skydance, ending weeks of speculation about the studio’s future and who would own it.

Paramount has been going through a difficult transition. Paramount Global CEO Bob Bakish resigned unexpectedly in April, and the company was reportedly in merger talks with Skydance, as well as the Sony Pictures and Apollo Global Management duo. Shari Redstone, who controls more than three-quarters of the voting stocks, was rumored to favor a deal with Skydance.

According to ABC News, Redstone said the deal will help fortify Paramount in a competitive industry.

“Given the changes in the industry, we want to fortify Paramount for the future while ensuring that content remains king,” said Redstone, who is also Paramount Global chairwoman.

Skydance was founded by David Ellison, Oracle founder Larry Ellison’s son. ABC reports that Ellison will become chairman and CEO of “New Paramount,” as long as regulators sign off on the deal.