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Paramount completes $111bn Warner Bros deal to create Skydance

The new Skydance structure puts David Ellison and Ynon Kreiz in co-executive roles overseeing Paramount and Warner Bros assets, including HBO Max, CNN, and CBS News.

Reported · Written up by our desk · M&A & Deals

Paramount has completed its $111 billion acquisition of Warner Bros Discovery, forming a new company called Skydance, after a bidding process that included Netflix and months of legal turmoil, according to The Guardian Business.

The outlet said the deal brings together Paramount and Warner Bros movie studios, along with HBO Max, CNN, and CBS News under one corporate umbrella.

David Ellison, the son of a billionaire tech mogul, will lead the combined company, with Ynon Kreiz, the former CEO of Mattel, serving as co-executive, The Guardian Business reported.

Ellison said in a statement that the company aims to bring the two studios together to build a stronger competitor with talent, resources, and reach to tell stories across genres and platforms.

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