Ellisons invest about $17bn in Warner Bros takeover
Skydance shares have fallen about 9% since the merger closed.
Paramount has finalized its $81 billion acquisition of Warner Bros Discovery, forming the largest media and entertainment conglomerate in Hollywood under the Skydance name. This monumental deal unites renowned studios such as Paramount+, HBO Max, CNN, Warner Bros, Harry Potter, Top Gun, and The Godfather under one corporate structure.
David Ellison, backed by billionaire co-CEO Ynon Kreiz, heralded the historic event, expressing immense excitement for the future. The merger, fraught with intense competition involving Paramount, Netflix, and the opposition of numerous Hollywood professionals, is poised to consolidate ownership in a sector already dominated by a few major players.
The overall value of the deal, including Warner's debt, is nearly $111 billion. Concerns over job cuts, loss of viewing choices, CNN's editorial independence, and foreign investment stakes have been raised amidst the merger. Despite these apprehensions, the deal remains in place, with Ellison assuring the maintenance of editorial independence at CNN and a News Editorial Independence Board to ensure transparency.
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