Paramount wraps up mega Warner Bros merger to create Hollywood powerhouse Skydance
Oct 6 (Reuters) - Paramount Skydance PSKY.O completed its blockbuster $110 billion takeover of Warner Bros Discovery WBD.O on Tuesday, creating a Hollywood heavyweight that hands CEO David Ellison control of one of the world's largest entertainment and news businesses.
Paramount and Warner Bros Discovery have merged to form a new entertainment giant called Skydance, worth $110 billion. This merger brings together top studios, including those behind Mission: Impossible, Harry Potter, and DC Studios, as well as major networks like CBS, CNN, Paramount+, and HBO Max. The new company's CEO, David Ellison, stated his vision for a creative and technologically advanced media conglomerate that aims to compete with major players like Netflix, Disney, Apple, Meta, and Amazon, as well as the growing influence of AI.
Shareholders of the combined company will trade under the ticker SKYD on the New York Stock Exchange. The merger was approved after settling legal issues with US states and the Writers Guild of America. President Donald Trump expressed his approval of the deal, while concerns remain about control over news operations and potential job cuts due to planned savings of $6 billion.
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