Paramount has completed its $81 billion (£60.75 billion) acquisition of Warner Bros. Discovery, creating a combined company called Skydance, as executives warned staff that integration would bring 'difficult decisions that affect our workforce'. The deal closed on Tuesday, 6 October, and values the acquisition at about $110 billion (£82.5 billion), including debt.
David Ellison, chairman and chief executive of Skydance and the son of Oracle co-founder Larry Ellison, and Ynon Kreiz, the former Mattel chief executive who is now co-chief executive, sent the staff memo on the first day of the combined company. Ellison oversees creative direction and overall strategy, while Kreiz oversees day-to-day operations and integration. The executives did not specify how many jobs could be cut.
