Paramount has completed its 110 billion US dollar (£83 billion) takeover of Warner Bros Discovery, creating a new Hollywood giant called Skydance.
The deal brings together two of the world’s biggest film studios, as well as streaming services and television networks including CBS and HBO Max. Popular titles such as Harry Potter, Top Gun and The Godfather are now under the same group.
Reshaping Hollywood and the UK media landscape
The mega merger will significantly reshape Hollywood and the wider media landscape. In the UK, Skydance will control assets including Channel 5 and TNT Sports.
The deal’s completion comes eight months after Paramount agreed to buy Warner Bros Discovery in February, after triumphing over Netflix in a lengthy bidding battle.
Leadership and ambition
David Ellison, chairman and chief executive of Skydance, said: “Today is a historic day, not just for Skydance but for our entire industry.”
Mr Ellison, who will lead the company alongside his new co-chief executive Ynon Kreiz, said: “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.”
