Paramount completes Warner Bros. Discovery acquisition, forming Skydance
publishers 66articles 68first reported 1 Oct, 07:01 UTCdeveloping since 1 Oct · 15 editions
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 creative strategy and relationships with talent, The Irish Times reported. The company will trade under the ticker “SKYD,” according to CNBC.
The deal closed after Paramount settled a lawsuit brought by a coalition of 12 state attorneys general and a separate lawsuit from the Writers Guild of America. Under the settlement, Paramount committed to producing 30 theatrical films annually during the first two years, keeping its Paramount and Warner Bros. studio lots open for at least five years, and establishing a board intended to support editorial independence at CBS News and CNN.
Ellison has targeted $6 billion in cost savings. In a message to employees, Ellison and Kreiz said integration would include “difficult decisions” affecting the workforce.
HOW THIS STORY WAS MADE
Written from 8 articles, 5 with the publisher's own text; 8 independent newsrooms once syndicated copies count as one; this version written 128 h after the record first saw the story; the editor revised it.
- Publishers
- 66
- Source articles
- 68
- Given to the writer
- 8, 5 with the article's own text
- Independent newsrooms
- 8
- This version written
- 128 h after the record first saw the story
- Second model (editor)
- revised
- Publication gate
- passed
- Human review
- none
WHAT THE EDITOR DID
The second model checked the writer's draft against the same sources and changed it before publication. Struck words were in the draft; underlined words are its corrections.
WHAT IT FLAGGED editor revise: One sentence could mislead readers about who brought the settled antitrust lawsuits, so it has been corrected to match CBS. - "The deal closed after Paramount settled antitrust lawsuits brought by 12 state attorneys general and the Writers Guild of America.": CBS says Paramount settled a lawsuit from a coalition of 12 state attorneys general and a separate lawsuit from the Writers Guild of America, not that both were brought by 12 state attorneys general and the WGA together.
THE DRAFT AND THE CHANGES
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 creative strategy and relationships with talent, The Irish Times reported. The company will trade under the ticker “SKYD,” according to CNBC.
The deal closed after Paramount settled antitrusta lawsuitslawsuit brought by a coalition of 12 state attorneys general and a separate lawsuit from the Writers Guild of America. Under the settlement, Paramount committed to producing 30 theatrical films annually during the first two years, keeping its Paramount and Warner Bros. studio lots open for at least five years, and establishing a board intended to support editorial independence at CBS News and CNN.
Ellison has targeted $6 billion in cost savings. In a message to employees, Ellison and Kreiz said integration would include “difficult decisions” affecting the workforce.
Written by a language model from the sources above, then checked by a second model that may only cut, attribute or correct. How it works →