Paramount has finalized its $110 billion acquisition of Warner Bros. Discovery, creating a new media entity rebranded as Skydance Corporation.
Key facts
- •The merger combines major assets including HBO, CBS, Nickelodeon, Comedy Central, DC Studios, and Food Network.
- •Warner Bros. shareholders will receive the cash equivalent of approximately $31 per share.
- •The new company, Skydance Corporation, aims to compete with major industry players like Disney, Universal, and Sony.
- •The deal follows a bidding war that included interest from Netflix.
- •US President Donald Trump described the completed merger as 'great'.
Paramount Skydance has officially completed its $110 billion acquisition of Warner Bros. Discovery, consolidating two of Hollywood's major legacy studios. The newly formed entity, rebranded as Skydance Corporation, is led by CEO David Ellison and co-CEO Ynon Kreiz. The merger unites a vast portfolio of assets, including CBS News, CNN, HBO, and various film franchises, following months of legal challenges and antitrust scrutiny.
By the numbers
Regulatory Settlements and Conditions
The merger faced significant legal opposition, including a lawsuit from a coalition of 12 state attorneys general and the Writers Guild of America. To resolve these antitrust concerns, Paramount reached a settlement requiring the company to produce at least 30 films and over 180 television shows annually. Additionally, the company is prohibited from selling or closing its Los Angeles studio lots for at least five years. As part of the agreement, Skydance must maintain independent editorial boards for CBS News and CNN. A trustee will monitor the company's compliance with these terms, with California Attorney General Rob Bonta stating that his office remains prepared to return to court if the company fails to meet its obligations.
Leadership and Strategic Outlook
David Ellison, who serves as chairman and CEO, will focus on strategy and technology, while co-CEO Ynon Kreiz, the former head of Mattel, will manage daily operations and business integration. The company has set a target of $6 billion in cost savings, a goal that has prompted industry concerns regarding potential workforce reductions. Key leadership roles have been assigned, with Casey Bloys appointed as co-chair and chief content officer for direct-to-consumer content. Mark Thompson will remain as chairman and editor-in-chief of CNN Worldwide, and Bari Weiss continues as editor-in-chief of CBS News.
Timeline
- JuneThe merger was initially approved.
- 21 SeptemberCalifornia Attorney General Rob Bonta announced the settlement terms.
- TuesdayThe acquisition was officially completed.
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This article was independently rewritten by ManyPress editorial AI from reporting originally published by BBC Business, Guardian Business, CBS MoneyWatch.
