Paramount completes $111bn acquisition of Warner Bros to form new media empire Skydance
David Ellison and ex-Mattel CEO Ynon Kreiz to oversee both film studios, HBO Max, CNN and CBS News as co-executives
TL;DR
- Paramount has acquired Warner Bros Discovery for $111 billion, forming a new company called Skydance.
- David Ellison will lead Skydance, with Ynon Kreiz as co-executive, overseeing film studios, HBO Max, CBS News, and CNN.
- The merger combines two of Hollywood's last five legacy studios, facing legal challenges and antitrust concerns from various states.
- As part of a settlement, Skydance must release at least 30 films and over 180 television shows annually, and maintain independent editorial boards for CBS News and CNN.
- Concerns have been raised about potential influence over CNN following Ellison's prior appointment of Bari Weiss to lead CBS News.