Paramount completes Warner Bros takeover, creating Skydance
David Ellison will lead the combined media giant spanning film, television and news as it targets US$6 billion in cost savings.
In a major media consolidation, Paramount and Warner Bros Discovery merged to form Skydance, a new conglomerate under the leadership of David Ellison. The combined entity unites Paramount Pictures, Warner Bros Pictures, CBS News, CNN, and HBO and CBS television brands. Ellison aims to eventually merge Paramount+ and HBO Max streaming services.
The new corporation, Skydance, boasts nearly US$70 billion in annual revenue and plans to save over US$6 billion in costs within three years. Former Mattel chief Ynon Kreiz will serve as co-CEO alongside Ellison, who will oversee day-to-day operations. The deal, backed by US$47 billion in new equity, faces scrutiny over potential job cuts and the independence of CNN's news media.
Despite concerns from critics and industry opponents, the merger closed after the federal government approved it, despite raising antitrust concerns.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Paramount completes Warner Bros takeover, creating Skydance nst.com.my
- Paramount completes Warner Bros takeover, creating Skydance freemalaysiatoday.com
