Paramount Skydance closed its deal for Warner Bros. Discovery on Tuesday. The combined company, to be called Skydance, will hold the Paramount and Warner studios, Paramount+ and HBO Max, and CNN and CBS News.
Paramount Skydance closed its merger with Warner Bros. Discovery on Tuesday, ending months of bidding and litigation, The Washington Post reported.
The Post said the deal, valued at $110 billion, creates a company to be called Skydance that will house the Paramount and Warner Bros. film and television studios, the Paramount+ and HBO Max streaming services, and CNN and CBS News. David Ellison is chief executive of Paramount Skydance.
The Post said CNN chief executive Mark Thompson said on Monday that he would stay as chairman and editor in chief. A coalition of 12 Democratic state attorneys general led by California's Rob Bonta had challenged the deal in federal court.
TheWrap reported that Judge Araceli Martinez-Olguin approved a settlement with those attorneys general. The settlement, as described by TheWrap, includes a $1.5 billion domestic production commitment over five years, a pledge to release at least 30 films a year in theatres, and an independent editorial board for CNN and CBS News.
The combined company had not published a full integration timetable in the reports reviewed. Failure to meet the settlement terms can trigger penalties or forced sales of specified cable channels, TheWrap said.
People Sentiments Mixed
- Mark Thompson said he is staying at CNN as chairman and editor in chief, a decision the Post described as a sign of stability.