Paramount Skydance completes takeover of Warner Bros. Discovery

Paramount completed its 111 billion dollars acquisition of Warner Bros Discovery on Tuesday, consolidating some of the world’s most recognizable studios and news outlets after a bidding war with Netflix and months of legal turmoil.

The new company, now called Skydance, will have David Ellison, with the former CEO of Mattel, YnonKreiz, as co-executive. They will oversee Paramount and Warner Bros’ movie studios, HBO Max, CBS News and CNN. The cash-and-debt deal made it one of the largest media mergers on record which is a turning point for the entertainment industry that opens the door to broader growth overseas.