Paramount completed its acquisition of Warner Bros. Discovery on Tuesday. The combined company is now called Skydance, led by David Ellison and Ynon Kreiz.
Paramount completed its acquisition of Warner Bros. Discovery on Tuesday, and the combined company is now called Skydance. The Guardian reported the price at 111 billion dollars. The Verge reported 110 billion dollars. The New York Times said the closing put David Ellison in control of studios, news networks and streaming services.
Ellison and former Mattel chief executive Ynon Kreiz will oversee the company as co-executives, the Guardian said. Their portfolio includes the Paramount and Warner Bros. film studios, HBO Max, CBS News and CNN. Ellison said in a statement that the day was historic for Skydance and the industry, and that the aim had been to combine the studios into a stronger competitor.
The New York Times said Ellison wrested Warner Bros. Discovery from Netflix after a months-long contest and nine offers. It also said a memo to employees hinted at cost cuts. The Guardian said Mark Thompson will remain chief executive of CNN.
California, New York and 10 other states sued Paramount over competition concerns even after the merger was approved in June, the Guardian reported. The suits argued the combination would reduce competition and leave fewer films in theaters and at home.
No integration timetable or job-cut figure was published with Tuesday's closing notices. The next public markers are how the states' cases proceed and how the company sets the structure of the combined studios and news brands.
People Sentiments Mixed
- David Ellison said the closing was a historic day for Skydance and the industry.
- The New York Times reported that a staff memo hinted at cost cuts.