What happens when you delete backup of an Apple old device?

I used to have an apple itouch before i got my phone and when I got the phone i used the icloud to transfer my photos, apps and music from the itouch to the iphone. Now it is a few months later and i no longer have much space left in the icloud for backups of the phone. What happens if I delete the backup from the ipod to free up some space in the icloud? Will everything that was on the ipod and got transfered delete? Or stay because its been backed up to the phones icloud? Thanks! Just don't want to delete anything that got transferred!

It will stay. Your content is saved in the newer backups. You need to delete the older backup to free up space!