Paramount-Warner Bros. Discovery Deal Closes as Skydance

Paramount’s acquisition of Warner Bros. Discovery closed on October 6, creating a combined media company called Skydance and bringing the two companies’ studios, streaming services and television networks under one corporate umbrella. The companies announced the completion of the transaction Tuesday. Skydance shares were set to begin trading on the New York Stock Exchange, while shares of Paramount and Warner Bros. Discovery were discontinued on Nasdaq, according to reports published on closing day. The deal combines Paramount and Warner Bros. Discovery’s film and television operations, including Paramount, HBO Max, Paramount Plus, CBS and CNN. The combined company is led by chairman and chief executive David Ellison, alongside co-chief executive Ynon Kreiz. Ellison said the aim was to build a stronger competitor and a company focused on creative work, audiences and shareholders. Reports described the transaction’s value differently: one put the purchase at $81 billion, while others cited about $110 billion or $111 billion including debt. The accounts did not establish a common basis for comparing those figures. The merger follows a yearlong contest over Warner Bros.