Paramount completes $111bn acquisition of Warner Bros to form new media empire Skydance
Paramount has finalized a $111 billion acquisition of Warner Bros Discovery to form a new media conglomerate named Skydance. The deal, overseen by David Ellison and Ynon Kreiz, includes strict regulatory requirements regarding editorial independence for news outlets.
Why it matters
This massive consolidation significantly reshapes the media landscape, merging two of the last five legacy Hollywood studios and impacting major news organizations.
The Paramount water tower in Los Angeles, California. The Paramount water tower in Los Angeles, California. Business Paramount completes $111bn acquisition of Warner Bros to form new media empire Skydance David Ellison and ex-Mattel CEO Ynon Kreiz to oversee both film studios, HBO Max, CNN and CBS News as co-executives
Prefer the Guardian on Google Paramount completed its $111bn acquisition of Warner Bros Discovery on Tuesday, consolidating some of the world’s most recognizable studios and news outlets after a bidding war with Netflix and months of legal turmoil.
The new company, now called Skydance, will have David Ellison, the son of a billionaire tech mogul, at its helm, with the former CEO of Mattel, Ynon Kreiz, as co-executive. They will oversee Paramount and Warner Bros’ movie studios, HBO Max, CBS News and CNN.
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