Paramount officially merges with Warner Bros. Here’s how we got here
It’s official: Skydance-owned Paramount has closed its $81 billion takeover of Warner Bros. Discovery. The companies completed the deal on Tuesday, ushering in a new Hollywood giant with the now shorter “Skydance” nametag. The merger brings two of America’s oldest moviemaking studios together. And HBO Max, titles ranging from “Harry Potter” to “Sinners,” and even networks like CNN find themselves…
Paramount has officially merged with Warner Bros. Discovery, forming a new media giant called "Skydance." This $81 billion takeover, completed on Tuesday, brings together two of America's oldest movie studios, along with HBO Max, the "Harry Potter" franchise, "Sinners," CNN, and networks like CBS. The new entity will be helmed by billionaire David Ellison and his co-CEO, Ynon Kreiz.
The merger came after a year-long battle between Skydance-owned Paramount and Warner Bros. Discovery. Initially, Warner sought a deal with Netflix, but Skydance's Paramount eventually matched Netflix's offer and secured the purchase for $31 per share. The merger has drawn criticism from Hollywood creatives, with many signing an open letter expressing opposition to the deal. Despite this, the new entity maintains that editorial independence will be upheld, with Mark Thompson continuing as CNN's editor-in-chief.
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