Paramount announced on Tuesday that it has completed its $110 billion acquisition of Warner Bros. Discovery, resulting in the formation of a combined company named Skydance. This transaction is described as one of the largest mergers ever.
The deal brings together major streaming platforms, Paramount+ and HBO Max, as well as a range of networks including CBS, CNN, MTV, TBS, Comedy Central, and Food Network. Skydance will also gain control of significant franchises such as “The Lord of the Rings,” “Game of Thrones,” the DC Universe, and “Yellowstone.”
David Ellison, who last year merged Skydance Media with Paramount, will oversee one of the world’s largest entertainment studios. The Ellison family is Skydance’s largest shareholder, with backing from Larry Ellison, David Ellison’s father and Oracle co-founder.
The merger's completion follows settlements with a coalition of U.S. states and a Hollywood writers’ union, which addressed the primary legal obstacles. Paramount had initially announced its intention to acquire Warner Bros. in February, after a bidding contest with Netflix.
David Ellison stated that the ambition was to unite the two studios to create a stronger competitor, equipped with the talent, resources, and reach to tell stories across various genres and platforms. The new Skydance corporation is projected to have annual revenue of nearly $70 billion.
Skydance Class B shares are scheduled to commence trading today on the New York Stock Exchange under the ticker symbol “SKYD.”