Paramount Skydance completed its blockbuster $110 billion takeover of Warner Bros Discovery on Tuesday, creating a Hollywood heavyweight that will trade under a single name — Skydance — and placing CEO David Ellison at the helm of one of the world's largest entertainment companies. The combined company's shares began trading Tuesday on the New York Stock Exchange under the ticker symbol "SKYD" after moving over from Nasdaq.
The deal unites the studios behind franchises such as Mission: Impossible, Harry Potter and DC Studios, alongside a television and streaming portfolio that includes CBS, CNN, Paramount+ and HBO Max. Ellison, the son of Oracle co-founder Larry Ellison, said the Skydance name was chosen so that Paramount and Warner Bros can retain their individual studio identities rather than being folded under a new brand.
A long road to closing
The merger survived one of the most contested bidding battles in recent Hollywood history. Skydance entered a heated bidding contest with Netflix while drawing interest from other potential suitors, including Comcast, after first merging with Paramount last year. Settlements with a coalition of US states and a Hollywood writers' union removed the main legal barriers to a merger ranked among the largest in media history.
What comes next
Ellison named former Mattel chief Ynon Kreiz as co-CEO, handing him day-to-day operations and integration duties while Ellison oversees creative direction and overall strategy. The duo faces the task of combining two large companies while delivering $6 billion in planned cost savings over three years, a scale of cuts expected to affect jobs across Hollywood, and of managing roughly $80 billion in combined debt.
Two of America's most influential news brands now sit under one roof: CNN chief Mark Thompson and CBS News editor-in-chief Bari Weiss will continue in their respective leadership roles. Under the settlement with state attorneys general, Skydance must assemble an independent editorial oversight board for both networks within 180 days, amid concerns over editorial independence.
Sources:
"Paramount wraps up mega Warner Bros merger to create Hollywood powerhouse Skydance" — Reuters
"CNN, CBS News now under one roof as Paramount-Warner Bros merger closes" — Al Jazeera
The deal unites the studios behind franchises such as Mission: Impossible, Harry Potter and DC Studios, alongside a television and streaming portfolio that includes CBS, CNN, Paramount+ and HBO Max. Ellison, the son of Oracle co-founder Larry Ellison, said the Skydance name was chosen so that Paramount and Warner Bros can retain their individual studio identities rather than being folded under a new brand.
A long road to closing
The merger survived one of the most contested bidding battles in recent Hollywood history. Skydance entered a heated bidding contest with Netflix while drawing interest from other potential suitors, including Comcast, after first merging with Paramount last year. Settlements with a coalition of US states and a Hollywood writers' union removed the main legal barriers to a merger ranked among the largest in media history.
What comes next
Ellison named former Mattel chief Ynon Kreiz as co-CEO, handing him day-to-day operations and integration duties while Ellison oversees creative direction and overall strategy. The duo faces the task of combining two large companies while delivering $6 billion in planned cost savings over three years, a scale of cuts expected to affect jobs across Hollywood, and of managing roughly $80 billion in combined debt.
Two of America's most influential news brands now sit under one roof: CNN chief Mark Thompson and CBS News editor-in-chief Bari Weiss will continue in their respective leadership roles. Under the settlement with state attorneys general, Skydance must assemble an independent editorial oversight board for both networks within 180 days, amid concerns over editorial independence.
Sources:
"Paramount wraps up mega Warner Bros merger to create Hollywood powerhouse Skydance" — Reuters
"CNN, CBS News now under one roof as Paramount-Warner Bros merger closes" — Al Jazeera
