Paramount-Warner Bros. $111 Billion Merger Officially Closes: ‘Today Is a Historic Day, Not Just for Skydance but for Our Entire Industry,’ David Ellison Says

It’s official: Paramount and Warner Bros. Discovery are now a single company — joined together as Skydance Corp., led by chairman and CEO David Ellison. The deal, valued at $111 billion including the assumption of WBD debt, brings together two major studios, TV networks including CBS, CNN, Comedy Central, MTV and TBS, and streaming services […]

CHICAGO (AP) — Paramount closed its $81 billion purchase of Warner Bros. Discovery, the companies announced Tuesday — forming a new Hollywood giant now called Skydance. The merger brings two of America’s oldest moviemaking studios together — along with HBO Max, titles ranging from “Harry Potter” to “Sinners” and even networks like CNN will soon find themselves under the same roof as Paramount+, CBS and the likes of “Top Gun” and “The Godfather.” “Today is a historic day, not just for Skydance but for our entire industry,” CEO David Ellison, who will lead the company alongside his new co-CEO Ynon Kreiz, said in a statement.

CHICAGO (AP) — Skydance-owned Paramount is expected to close its $81 billion takeover of Warner Bros. The new Hollywood giant will have a shorter nametag: “Skydance.” But it marks one of the biggest tie-ups ever in the media and entertainment industry. That further concentrates power in an industry already run by just a handful of major players.

Ellison’s Skydance bought out Paramount for $8 billion just last year, and set its sights on Warner — an even bigger fish — very soon after. What followed erupted into a tumultuous, yearlong fight over Warner’s fate. Including billions of dollars in debt, Paramount’s buyout of Warner amounts to nearly $111 billion today.

Here’s a look at some of the key moments that got us here. Paramount The early days of Paramount’s quest for Warner turned into a messy bidding war. Months after disclosing it was open to selling parts or even all of its business, Warner initially struck a studio and streaming deal with Netflix back in December.

But Skydance-owned Paramount, which claimed Warner management “never engaged meaningfully” with its previous proposals, soon launched a hostile counterbid aimed at taking over the entire company — including networks like CNN and Discovery. The Hollywood giants spent much of early 2… Skydance-owned Paramount is expected to close its $81 billion takeover of Warner Bros.