It’s official: Skydance-owned Paramount closed its $81 billion takeover of Warner Bros. Discovery on Tuesday, ushering in a new Hollywood behemoth. The merger brings two of America’s oldest moviemaking studios together under a new name: Skydance.
HBO Max, titles ranging from “Harry Potter” to “Sinners” and networks such as CNN now also find themselves under the same roof as Paramount+, CBS and the likes of “Top Gun” and “The Godfather.” All are under the helm of billionaire David Ellison and his new co-CEO Ynon Kreiz.
“Today is a historic day, not just for Skydance but for our entire industry,” Ellison said. “We couldn’t be more excited to get to work.”
Ellison’s Skydance bought Paramount for $8 billion last year before setting its sights on Warner. What followed erupted into a tumultuous, roughly yearlong fight over the storied Hollywood giant. Including billions of dollars in debt, the acquisition amounts to nearly $111 billion.
The now-combined Skydance marks one of the biggest tie-ups in media and entertainment history, further concentrating power in an industry already run by just a handful of big players. Politics also loomed over much of the process. The Ellison family has notably held a long relationship with Republican President Donald Trump, who said Tuesday that Skydance is “going to be a great company.”
AP
