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The Guardian - US

Business

Gaya Gupta

Paramount completes $111bn acquisition of Warner Bros to form new media empire Skydance

Paramount Skydance David Ellison Warner Bros CNN CBS News Ynon Kreiz CBS HBO Max Mattel

The blue and white Paramount water tower — The Paramount water tower in Los Angeles, California. Photograph: Mario Tama/Getty Images

Paramount completed its $111bn acquisition of Warner Bros Discovery on Tuesday, consolidating some of the world’s most recognizable studios and news outlets after a bidding war with Netflix and months of legal turmoil.

The new company, now called Skydance, will have David Ellison, the son of a billionaire tech mogul, at its helm, with the former CEO of Mattel, Ynon Kreiz, as co-executive. They will oversee Paramount and Warner Bros’ movie studios, HBO Max, CBS News and CNN.

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