Paramount completes $111bn acquisition of Warner Bros to form new media empire Skydance
Summary
Paramount has completed its $111 billion purchase of Warner Bros Discovery, creating a new company called Skydance that combines major movie studios and news channels. David Ellison will lead Skydance, which will oversee movie studios, streaming services, and news outlets like CNN and CBS News.Key Facts
- Paramount bought Warner Bros Discovery for $111 billion.
- The new company is named Skydance.
- David Ellison is the CEO, with Ynon Kreiz as co-executive.
- Skydance includes Paramount, Warner Bros studios, HBO Max, CBS News, and CNN.
- The merger combines two major Hollywood studios, joining Disney, Universal, and Sony.
- Several states sued over concerns that the merger reduces competition in the entertainment market.
- As part of a legal settlement, Skydance must release at least 30 films and 180 TV shows each year.
- CNN’s CEO Mark Thompson will stay on and maintain independent news coverage under Skydance.
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