'That’s a great merger':Donald Trump hails Paramount-Warner Bros merger, calls Ellison's 'terrific people'
Donald Trump hails Skydance Photograph: (X)
Paramount and Warner Bros. are now a single company, which will be called Skydance. One of the biggest deals in the history of cinema was finalized on Tuesday after months of negotiations.
After months of tussle, Paramount and Warner Bros. Discovery are now a single company, known as Skydance Corp. The $110 billion merger of Paramount-Warner Bros. Discovery has been one of Hollywood's biggest corporate deals in the world of cinema.
In this billion-dollar deal, Paramount has acquired Warner Bros., one of the oldest and biggest studios, which is the house to HBO Max, CNN, Discovery networks and cable channels. Ellison now also has control over several iconic Warner Bros. properties, like Game of Thrones, Harry Potter, and Friends.
Donald Trump hails Paramount-Warner Bros merger, calls Ellison's terrific people
Hours after the deal closed on Tuesday, US President Donald Trump reacted, calling David Ellison, chairman and CEO of the new company, and his father, Larry Ellison. For those unversed, Trump and the Ellison family share a good bond, and that is what many people feared.
“I’m happy about that. That’s great,” Trump told reporters Tuesday on the lawn of White House.“It’s gonna be a great company. They’re terrific people, and it’s gonna be a great company,” Trump said. “That’s a great merger. I’m glad they let it go.”
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Trump and his government have been supporting the deal, which has faced backlash from a large section of Hollywood, including some of the A-listers: Jane Fonda, Don Cheadle, Ben Stiller and Joaquin Phoenix, among others.
In June, the US Department of Justice's Antitrust Division gave a green signal to the deal that could reshape Hollywood in many ways. This is one of the first major deals ever signed up in the Trump era.
“The Division has completed its analysis of the proposed merger of Paramount and Warner Bros. and determined based on the evidence received in its investigation that the transaction is not likely to result in harm to competition or American consumers,” they said after clearing the way for the deal.
The deal comes nearly a year after Netflix and Warner Bros. Discovery announced a deal worth nearly $83 billion, which was then challenged by Paramount. After months of tussle and huge offers, 43-year-old Ellison got the Warner Bros. board to agree to go with them after Netflix backed out. The other obstacle was the lawsuit filed by 12 states.
