Paramount-Warner Bros. Merger to Close as 'Skydance' Next Week
David Ellison announces the combined entity will operate under the Skydance name ahead of the $110 billion deal closing Tuesday.
KEY POINTS
- Merger valued at $110 billion set to close Tuesday
- Combined company will be named "Skydance"
- Federal judge approved settlement clearing the deal
- Mattel CEO Ynon Kreiz named co-CEO
- CNN to operate without CBS News oversight
Paramount Global and Warner Bros. Discovery will merge under the corporate name "Skydance" when their $110 billion deal closes next Tuesday, CEO David Ellison announced Friday. The merger ends a contentious process that faced widespread opposition over antitrust concerns.
A federal judge approved a settlement this week allowing the merger to proceed despite objections that the terms favored Paramount. Ellison stated the new entity will honor the distinct legacies of both studios while pursuing creative storytelling.
“We wanted a name that would give the combined company an identity of its own while allowing Paramount and Warner Bros. to remain in the spotlight.”
Ellison also named Mattel CEO Ynon Kreiz as co-CEO of the new company. Reports indicate CNN will operate independently without oversight from CBS News leadership.
HBO chief Casey Bloys declined to confirm his role in the combined streaming operations Thursday, noting the deal had not yet closed. He suggested Ellison would announce the leadership structure personally.
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