One media giant now owns Top Gun, Harry Potter and CNN. What does that mean?

Paramount has recently completed a $US113 billion ($162 billion) merger with Warner Bros Discovery, forming one of the world's largest entertainment and media companies. Under the new leadership of David Ellison, the merger brings together some of Hollywood's most iconic film, television, and news brands.

The combined company will now control a vast array of movies and television shows, including The Godfather, Top Gun, Star Trek, Harry Potter, Friends, Game of Thrones, and the DC universe. Furthermore, it brings together two businesses already serving Australian audiences, with Paramount's Network 10 and Paramount+ joining Warner Bros Discovery's HBO Max.

The merger not only impacts Hollywood but also raises concerns about the concentration of media ownership and its consequences for the media landscape. With fewer companies controlling more of the entertainment and news we consume, there are worries about the loss of diversity in views and stories. Professor Matthew Ricketson from Deakin University emphasized that a lack of diversity in media ownership is detrimental to a healthy media ecosystem.

The merger also brings together CBS News and CNN under the same corporate ownership, raising questions about editorial independence and the relationship between the new owner, David Ellison, and the Trump administration. David Folkenflik, a media correspondent with NPR, highlighted that this relationship might have significant implications for journalists and their audiences at CBS and CNN.