The historic $111 billion merger between Skydance-owned Paramount and Warner Bros. Discovery was completed on October 6. The deal brought together two of Los Angeles’ biggest media giants despite widespread opposition.
Paramount and Warner Bros. Discovery officially merge in a $111 billion deal despite opposition
Following the merger, the new parent company will operate under the name Skydance Corp. David Ellison, who founded Skydance in 2006, will serve as the combined company’s chairman and CEO. Former Mattel CEO Ynon Kreiz will join him as co-CEO.
The newly combined Skydance will operate across three business segments: Studios, Direct-to-Consumer and TV Media. Its expanded portfolio now includes brands such as Paramount Pictures, Warner Bros., HBO, HBO Max, Paramount+, Pluto TV, CBS, CNN, CBS Sports, TNT Sports, Nickelodeon, Cartoon Network, MTV, Food Network, BET, HGTV and Comedy Central. The deal will also give Paramount ownership of major franchises such as Harry Potter, Game of Thrones, The Lord of the Rings and Mission: Impossible.
Ellison described the completed merger as a “historic” milestone for the film industry. As per Variety, the 43-year-old said, “Today is a historic day, not just for Skydance but for our entire industry. From the start, our ambition was to bring these two storied studios together and create a stronger competitor, with the talent, resources, and reach to tell great stories in every genre, on every platform, for audiences everywhere. Now that ambition is a reality.”
The deal came after thousands of entertainment professionals spoke out against the planned mega-merger. In an open letter signed by Hollywood stars including Bryan Cranston, the group raised concerns that the deal would bring two of the world’s largest media companies together and “further consolidate an already concentrated media landscape.”
The letter stated, “The result will be fewer opportunities for creators, fewer jobs across the production ecosystem, higher costs, and less choice for audiences in the United States and around the world.”
