Paramount completes Warner Bros merger to create Hollywood powerhouse Skydance
SKYD•Paramount Skydance completed its $110 billion takeover of Warner Bros Discovery, creating a company called Skydance with about $80 billion in debt. The combined company faces a $6 billion savings target, and CNN and CBS News leadership will remain unchanged.
1. Merger completed
Paramount Skydance completed its $110 billion takeover of Warner Bros Discovery on Tuesday, bringing together film studios and television and streaming networks including CBS, CNN, Paramount+ and HBO Max. The combined company, called Skydance, began trading on the New York Stock Exchange under the ticker SKYD.
2. Savings and integration
Co-CEOs David Ellison and Ynon Kreiz face a planned $6 billion in savings as they combine the companies. Skydance plans to combine HBO Max and Paramount+ into one service and release at least 30 films each in the first two years after closing, then 32 annually for the following three years.
3. Debt and leadership
The combined company is expected to carry about $80 billion in debt. CNN chief Mark Thompson and CBS News Editor-in-Chief Bari Weiss will remain in their roles and report separately to Ellison and Kreiz.
