Paramount has finalized its $111 billion acquisition of Warner Bros Discovery, creating a new media entity named Skydance. This merger brings together major film studios and news outlets, with David Ellison and Ynon Kreiz appointed as co-executives overseeing operations including HBO Max, CBS News, and CNN.
The merger faced scrutiny from multiple states concerned about reduced competition in the media landscape. As part of a settlement, Skydance must produce a minimum of 30 films and over 180 television shows annually, while maintaining independent editorial boards for its news divisions.