Paramount and Warner Bros. Discovery Complete $110 Billion Merger to Form Skydance
Paramount has completed its $110 billion merger with Warner Bros. Discovery, officially forming a new media company called Skydance. The deal, which brings together two of Hollywood's largest entertainment companies, was announced as a "historic day" by CEO David Ellison.
The combined entity now controls an extensive portfolio of media assets. On the streaming front, Paramount+ and HBO Max will operate under the same corporate umbrella, while the company's television networks include CBS, CNN, MTV, TBS, Comedy Central, and Food Network. The merger also unites the film studios of both companies, along with brands such as HBO and CBS News.
The road to completion was not smooth. Paramount secured the agreement in February following a months-long competition with Netflix for the Warner Bros. Discovery acquisition. The deal subsequently faced criticism from both lawmakers and Hollywood talent, who raised concerns about the negative effects of increased media consolidation on the industry.
The final regulatory hurdle was cleared last month when Paramount reached settlements with 12 states, paving the way for the merger to officially close.