After tumultuous fight, Paramount completes takeover of Warner Bros to become Hollywood giant Skydance
The deal, which followed a tumultuous, roughly yearlong fight, further concentrates power in an industry already run by just a handful of major players.
Paramount has completed its takeover of Warner Bros Discovery in a merger valued at around $110-111 billion. The deal, which follows a tumultuous and roughly yearlong fight, further concentrates power in an industry already dominated by a handful of major players.
The combined company, renamed Skydance, brings together Paramount Pictures and Warner Bros Pictures, as well as the CBS News and CNN networks, and the HBO and CBS television brands. David Ellison, the founder of Skydance Media and son of Oracle co-founder Larry Ellison, will lead the company. According to GBC Ghana, Ellison described the completion of the deal as “historic” for the film industry.
The merger combines a host of entities, including iconic franchises such as Harry Potter, Game of Thrones, The Lord of the Rings, Indiana Jones, Mission: Impossible, and Shrek. The newly merged entertainment behemoth will trade on the New York Stock Exchange under the ticker SKYD, with Ynon Kreiz, the former chief executive of Mattel, becoming co-chief executive.
Brief written by urgent.news from PBS NewsHour, GBC Ghana, ABC News AU, Gulf News, NDTV — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.
