Paramount completes Warner Bros merger to form Hollywood giant Skydance
The combined company will carry about $80 billion in debt, while co-CEOs David Ellison and Ynon Kreiz face a target of delivering $6 billion in planned cost savings
David Ellison has finalized the acquisition of Warner Bros. Discovery for $110 billion, consolidating two major Hollywood studios under the Skydance banner. The combined entity will oversee Paramount Pictures, Warner Bros. Studios, HBO, CNN, and CBS News. Ellison, alongside co-CEO Ynon Kreiz, will steer the integration of these vast operations.
The deal was finalized last Tuesday, eliminating a month-long legal battle that faced opposition from state governments and the Writers Guild of America. Skydance now owns iconic franchises like DC Comics, Harry Potter, and SpongeBob Squarepants. Ellison, a media mogul with deep family ties to tech billionaire Larry Ellison, will lead creative and strategic initiatives, while Kreiz manages day-to-day operations and merger integration.
Casey Bloys, previously head of HBO, will oversee streaming strategy, and CNN CEO Mark Thompson will remain with the company. However, the merger comes with significant challenges, including heavy debt and intense competition in the streaming market. Despite promises of job security and cost savings, the deal has faced criticism for potentially reducing entertainment options and increasing consumer costs.
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