Paramount and Warner Bros Complete Merger to Form Skydance

Paramount and Warner Bros completed their merger on Tuesday under billionaire David Ellison and co-CEO Ynon Kreiz, creating a new media giant named Skydance.

The acquisition of Warner Bros amounted to nearly $111 billion including billions of dollars in debt, following a bidding war that prompted Netflix to withdraw.

The newly merged company unites studios and networks including HBO Max, CNN, CBS, and Paramount+, further concentrating power in the media industry.