Paramount wraps up mega Warner Bros merger to create Hollywood powerhouse Skydance
PSKY•Paramount Skydance completed its $110 billion takeover of Warner Bros Discovery, forming Skydance, which will carry about $80 billion in debt. The company is targeting $6 billion in savings and plans to combine HBO Max and Paramount+ into one streaming service.
1. Merger completed
Paramount Skydance completed its $110 billion takeover of Warner Bros Discovery on Tuesday, creating a company called Skydance that brings together film studios and networks including CBS, CNN, Paramount+ and HBO Max. Shares moved from Nasdaq to the New York Stock Exchange and will trade under the ticker SKYD.
2. Savings and streaming plans
Co-CEOs David Ellison and Ynon Kreiz are targeting $6 billion in savings, much of it expected to come from non-labor sources. Skydance plans to combine HBO Max and Paramount+ into one service and release at least 30 films annually in each of its first two years after closing, then 32 a year for the following three.
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 retain their roles and report separately to Ellison and Kreiz. Ellison said the merger aims to build a next-generation media and entertainment company and compete with major entertainment and technology companies.
