Paramount completes $81 bn Warner takeover

Skydance-owned Paramount finalized its $81 billion acquisition of Warner Bros. Discovery on Tuesday, merging two major Hollywood studios under the new name Skydance. The landmark deal brings together iconic titles like "Harry Potter," "Top Gun," and "The Godfather" under the same umbrella, along with networks like HBO Max and CNN.

David Ellison and Ynon Kreiz will lead the combined entity. The merger, which involved nearly $111 billion in total, followed a year-long, contentious battle between the two companies. Despite Warner initially exploring a deal with Netflix, Paramount ultimately won the bidding war, offering $31 per share. The merger faced opposition from many in Hollywood, with thousands of creatives signing an open letter warning of job losses and reduced audience choices.

Despite concerns, Ellison vowed to maintain editorial independence at CNN and pledged to uphold the merger's benefits. The deal also received support from the Trump administration, which had previously criticized CNN's coverage and pushed for a new owner.