Paramount has completed its $110B acquisition of Warner Bros. Discovery, creating a combined entertainment company called Skydance, the company announced Tuesday.
The merger brings Paramount+ and HBO Max under one corporate umbrella, alongside networks including CBS, CNN, MTV, TBS, Comedy Central and Food Network. Skydance will also control major franchises such as The Lord of the Rings, Game of Thrones, the DC Universe and Yellowstone.
David Ellison, who leads Skydance, will oversee one of the world’s largest entertainment studios. The Ellison family is the company’s largest shareholder, backed by Larry Ellison, David Ellison’s father and Oracle co-founder.
The deal cleared its main legal hurdles after settlements with a group of US states and a Hollywood writers’ union. Paramount had announced the acquisition in February following a bidding contest with Netflix.
The combined company expects annual revenue of nearly $70B, according to Skydance. Its Class B shares are set to begin trading on the New York Stock Exchange under the ticker “SKYD.”
Source: TechCrunch
