Paramount wraps up Warner Bros merger to create Hollywood powerhouse Skydance
PSKY•Paramount Skydance completed its $110 billion takeover of Warner Bros Discovery, creating a combined company named Skydance. The company expects about $80 billion in debt and plans $6 billion in cost savings.
1. Merger completed
Paramount Skydance completed its takeover of Warner Bros Discovery, bringing together film studios and television and streaming networks including CBS, CNN, Paramount+, and HBO Max. The combined company moved its shares to the New York Stock Exchange under the ticker SKYD.
2. Savings and streaming plans
Co-CEOs David Ellison and Ynon Kreiz face a $6 billion planned cost-savings target. The company plans to combine HBO Max and Paramount+ into one service and release at least 30 films annually for the 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 remain in their roles. Analysts at MoffettNathanson forecast EBITDA of $16 billion in 2028 and $19 billion in 2030.
