Paramount completes $110 billion Warner Bros Discovery takeover; here's what changes now
&imwidth=600&imheight=450&format=webp&quality=medium "Paramount completes $110 billion Warner Bros Discovery takeover; here's what changes now")
Paramount completes $110 billion Warner Bros Discovery Photograph: (X)
Paramount Skydance has completed its $110 billion acquisition of Warner Bros. Discovery. This brings major Hollywood studios, television networks and streaming platforms under one company. Read on to know more.
On October 6, Paramount Skydance officially completed its blockbuster acquisition of Warner Bros. Discovery. The transaction is valued at about $110 billion, including debt, and creates a formidable entertainment company that will operate under the Skydance name.
The merger combines two big Hollywood studios and brings an extensive collection of film, television, streaming and news properties under the same umbrella, which now includes Paramount, Warner Bros., HBO Max, Paramount+, CBS and CNN, along with major franchises such as Harry Potter, Mission: Impossible, Top Gun, Star Trek and DC.
David Ellison on the expansion
Speaking about the merger, David Ellison, who heads the newly expanded company, said, "Today is a historic day, not just for Skydance but for our entire industry. From the start, our ambition was to bring these two storied studios together and create a stronger competitor, with the talent, resources, and reach to tell great stories in every genre, on every platform, for audiences everywhere.
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Ellison further added, “Now that ambition is a reality. We’re grateful to everyone who made this possible – the employees, creative talent, and production teams of both companies, who worked tirelessly to get us here and inspire audiences around the world every day, as well as the advisors and partners who guided this transaction to completion. Our focus now turns to the future: building a company that empowers creatives, entertains audiences and rewards shareholders. We couldn’t be more excited to get to work.”
The company has also committed to releasing 30 theatrical films each year, in addition to more than 180 television shows and series.
The completion of the Warner Bros. Discovery transaction also marks a change in the company's stock-market presence. Shares of the combined business began trading on the New York Stock Exchange on Tuesday under the ticker “SKYD”, moving from Nasdaq.
The deal follows months of negotiations, competing bids and regulatory scrutiny. Netflix had initially emerged as a potential buyer of Warner Bros. ' studio and streaming operations, but Paramount ultimately won with an offer covering the wider Warner Bros. Discovery business.
