Skydance's David Ellison tells CNBC combined company is 'positioned to win in every single vertical'
Skydance includes two film studios, the CBS broadcast network, a sprawling pay TV portfolio and streaming services Paramount+ and HBO Max.
I traveled to the New York Stock Exchange to witness Skydance's opening bell ceremony, where David Ellison led the celebration. Hosted by the new media conglomerate, the event was a momentous occasion marking the completion of the Paramount-Warner Bros. Discovery merger. As the new CEO of Skydance, Ellison and his team rang the bell to symbolize the culmination of months of negotiations, including a hostile bidding war with Netflix and the settlement of lawsuits that delayed the deal.
Despite facing significant challenges, such as a $80 billion debt load and intense competition from streaming giants like Netflix, Disney, and YouTube, Ellison expressed confidence in Skydance's capabilities. He stated, "We are positioned to win in every single vertical that we operate in," as Skydance's shares rose by more than 5% in early trading.
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