Paramount Skydance on Tuesday completed its blockbuster $110 billion takeover of Warner Bros Discovery, creating a Hollywood heavyweight called Skydance and handing CEO David Ellison control of one of the world’s largest entertainment companies.
The deal brings together the studios behind “Mission: Impossible,” “Harry Potter” and DC Studios alongside major television and streaming networks such as CBS, CNN, Paramount+ and HBO Max — forming an expansive entertainment company spanning film, TV and news.
Shares of the combined company moved to the New York Stock Exchange from Nasdaq on Tuesday to trade under the ticker “SKYD.”
Settlements with a coalition of US states and a Hollywood writers union removed the main legal barriers to the merger, one of the largest in media history. It comes as Hollywood faces declining cable-TV subscriptions, high cost of competing for streaming audiences and persistent pressure from unions over jobs and creative workers’ rights.
Ellison said last week the Skydance name was chosen to retain the individual identities of Paramount and Warner Bros studios, rather than combining them under a new brand.
Analysts, however, said the name reinforces the extent of Ellison’s control, highlighting how some of Hollywood’s most iconic brands now answer to him and how he has a platform to impose his strategy and culture.
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In just 16 years, Skydance has gone from an independent studio to the center of one of Hollywood’s biggest power plays. Founded in 2010 by the son of Oracle co-founder Larry Ellison, it built its reputation as a financial backer and producer of Paramount’s blockbuster “Top Gun: Maverick.”
After merging with Paramount last year, Skydance set its sights on Warner Bros, entering a heated bidding contest with Netflix hile drawing interest from other potential suitors, including Comcast.
Warner Bros shareholders received an additional $41.9 million in “ticking fee,” based on the number of days between September-end and the deal-closing, according to a regulatory filing.
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