Paramount closed its $81 billion deal for Warner Bros. Discovery, finalizing a tie up that creates one of the world's largest media and entertainment companies.

Paramount announced the completion of the deal on Tuesday, as expected. Under the terms of the deal, Warner shareholders received about $31.02 a share in cash. Warner shares stopped trading on the Nasdaq effective Tuesday.

The deal's close comes after Paramount spent more than a year fending off rival bidders, federal regulators and state attorneys general to finalize the transaction.

A federal judge last week approved Paramount's settlement with 12 state attorneys general to resolve an antitrust case, paving the way for the acquisition to close.

The company on Monday laid out more details of the combined company's leadership structure, confirming Paramount's Chief Executive David Ellison will be chairman and CEO of the combined company - dubbed Skydance - alongside co-CEO Ynon Kreiz, the outgoing CEO of Mattel. It also confirmed the positions of Bari Weiss and Mark Thompson.