Paramount completes takeover of Warner Bros, creating media behemoth Skydance
Also reported by Ars Technica
Summary
Paramount completed its purchase of Warner Bros Discovery, creating a large new media company called Skydance. The deal was approved after a legal settlement with 12 US states that had tried to block it over competition concerns.Key Facts
- Paramount took over Warner Bros Discovery, merging TV, news, and movie businesses under Skydance.
- The combined company includes Paramount Pictures, Warner Bros Pictures, CBS News, CNN, HBO, and CBS TV.
- David Ellison will be chairman and CEO; Ynon Kreiz will be co-CEO managing daily operations.
- Skydance plans to merge the streaming services Paramount+ and HBO Max eventually.
- The deal was approved by a federal judge and backed by $47 billion from investors including Ellison family and Middle Eastern sovereign wealth funds.
- The Ellison family holds the largest ownership share in Skydance, with funding help from Larry Ellison, founder of Oracle.
- Critics worry about job cuts and fewer movies being made, as well as possible risks to CNN’s editorial independence.
- Safeguards are included to protect CNN’s independence, such as a special board for editorial matters.
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