Paramount Completes Warner Bros Takeover And Renamed Combined Entity Skydance

Paramount completed its acquisition of Warner Bros. Discovery on Tuesday, uniting major Hollywood studios and networks under David Ellison's control.

The combined company was renamed Skydance, with shares beginning to trade on the New York Stock Exchange under the ticker 'SKYD' at roughly $31 per share in cash for former shareholders.

Led by David Ellison as chairman and CEO, the firm targets over $6 billion in cost savings within three years and plans to merge Paramount+ and HBO Max.