Newly Formed Skydance Is a Force in Sports Media
The large-scale deal creates a sports media colossus.
The newly formed Skydance Corp., a $110 billion company resulting from the recent acquisition of TNT Sports parent Warner Bros. Discovery by CBS Sports parent Paramount, is set to significantly impact sports media and Hollywood. Skydance co-CEO David Ellison and co-CEO Ynon Kreiz declared the merger a success, despite numerous challenges and legal hurdles over the past year.
Ellison's father, Larry, and other investors such as LionTree and sovereign wealth funds have contributed a combined $6 billion investment. RedBird Capital Partners, a joint venture partner, is the primary investor in the newly merged company and will pay Paramount $41.9 million for its shares. David Berson, former CBS Sports CEO, will lead Skydance Sports, replacing Luis Silberwasser from Warner Bros.
Discovery who is leaving the company. Skydance faces high debt of $80 billion, and investors will closely monitor its ability to reduce this figure.
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