Paramount has completed its $111bn acquisition of Warner Bros Discovery, forming a new media entity named Skydance. The deal, finalised on Tuesday, consolidates several prominent studios and news organisations, including Paramount and Warner Bros' movie studios, HBO Max, CBS News, and CNN.
David Ellison, son of a billionaire tech mogul, will lead Skydance, with former Mattel CEO Ynon Kreiz serving as co-executive. Ellison stated that the ambition was to create a stronger competitor with the resources to tell stories across various platforms.
The merger faced legal challenges from California, New York, and 10 other states due to concerns about competition. A settlement reached last month mandates Skydance to release at least 30 films and over 180 television shows annually. Additionally, CBS News and CNN must maintain independent editorial boards, with a trustee monitoring compliance.
Concerns have also been raised regarding Ellison's influence over CNN, following his previous overhaul of CBS News. CNN's CEO, Mark Thompson, announced on Monday that he would remain in his role, expressing confidence in Skydance leadership's support for independent news.