Paramount completes Warner Bros. Discovery acquisition, forming Skydance
Paramount Skydance completed its acquisition of Warner Bros. Discovery on Tuesday, combining the media companies under a new corporate name, Skydance.
CBS News and several other outlets valued the transaction at $110 billion, while Sky News and Fast Company described it as an $81 billion takeover. Warner Bros. shareholders will receive cash worth about $31 per share, according to CBS News.
The combined company brings Paramount and Warner Bros.’ film and television studios together with streaming services Paramount+ and HBO Max. Its holdings also include CBS News, CNN and cable networks such as Comedy Central, Nickelodeon, TBS and TNT, as well as franchises including Harry Potter, Mission: Impossible and The Godfather.
David Ellison will lead Skydance alongside co-CEO Ynon Kreiz, the former Mattel chief executive. Kreiz will oversee day-to-day operations, while Ellison will focus on …