Paramount's takeover of Warner Bros Discovery is complete, forming Skydance
Paramount's takeover creates Skydance, a $70-billion company spanning film, television and news.
Paramount has finished its takeover of Warner Bros Discovery. The deal unites Paramount Pictures and Warner Bros Pictures under one company called Skydance.
CEO David Ellison's family has ties to US President Donald Trump. Ellison called it a historic day for media.
The combined company will control HBO, HBO Max, CBS, CNN and CBS News. Ellison plans to eventually merge Paramount+ and HBO Max into one streaming service.
Skydance shares started trading on the New York Stock Exchange Tuesday under ticker SKYD. Warner Bros Discovery shareholders will receive about $44 per share in cash.
The deal closed after a federal judge approved it. The Trump administration cleared it without demanding changes.
Skydance says it targets more than $8.6 billion in cost savings within three years.
- $70 billion
- Company valuation in annual revenue
- $8.6 billion
- Target cost savings within 3 years
- $44
- Shareholder payout per share
- SKYD
- New York Stock Exchange ticker
Why it mattersThis is one of Hollywood's largest-ever mergers, reshaping how films, TV and news reach audiences globally. It concentrates power among fewer companies.
AustraliaAustralian viewers of Paramount films, HBO shows and CNN news will now be served by a single corporate entity, potentially affecting which shows get made, how much they cost and what content is prioritised.
Corroborated bytheguardian.com
✓ Claims checked against the source. checked 2 h ago
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