Paramount Skydance has announced this Tuesday the completion of the acquisition of Warner Bros Discovery, marking the end of the operation agreed upon last February for about 110 billion dollars (98.143 billion euros). The transaction has closed after competition with Netflix, which ultimately chose to withdraw its purchase proposal for the media and entertainment group, which will be renamed Skydance.
"Today is a historic day, not only for Skydance but for our entire industry," stated David Ellison, president and CEO of Skydance. "From the beginning, our ambition was to unite these two prestigious studios and create a stronger competitor (...) Now that ambition is a reality," he added.
The merger has been completed once all the required regulatory approvals in the agreement have been obtained and the usual closing conditions have been met. Starting this Tuesday, Skydance's class B shares have begun trading on the New York Stock Exchange (NYSE) with the new ticker 'SKYD', after moving its listing from Nasdaq, where they operated under the symbol 'PSKY'. At the same time, the shares of Warner Bros Discovery ('WBD') have ceased trading on Nasdaq.
The Ellison family holds the largest stake in Skydance's capital, while the Ellison family itself and RedBird Capital Partners are, jointly, the only owners of the class A ordinary shares of Paramount, which includes 100% of the voting shares of the resulting company.
The new company brings together two of Hollywood's leading film studios, two international streaming platforms, and a wide catalog of television channels, including CBS, HBO, and the cable networks of Paramount and WBD. It also integrates the news divisions CBS News and CNN, in addition to a significant offering of live sports with CBS Sports and TNT Sports, as well as an extensive library of content and a rich set of brands and franchises.
In addition to David Ellison, the multinational will have Ynon Kreiz as co-CEO. Andy Gordon, until now the director of Strategy and Operations of Paramount, with a long career in investment banking, will assume the presidency of Skydance after playing a decisive role as an advisor to advance the merger.
Jean-Briac (JB) Perrette will take over the areas of television and direct-to-consumer business as co-chairman and chief responsible for both lines.
For his part, Casey Bloys will be in charge of the streaming and direct-to-consumer division of Skydance. Until now, he served as president and CEO of HBO and Max and, since 2016, has overseen the production and launch of series such as "The Pitt," "The Knight of the Seven Kingdoms," "The White Lotus," "The Last of Us," "House of the Dragon," or "Succession."
George Cheeks will lead the new television division of Skydance and will assume responsibility for the three major television studios: Warner Bros Television Studios, CBS Studios, and Paramount Television Studio, in addition to a wide portfolio of channels such as TNT, Discovery, Comedy Central, MTV, and Nickelodeon.
As chief financial officer, Skydance has appointed Dennis Cinelli, who already held this role at Paramount and will continue to oversee global financial areas, including accounting, taxation, and investor relations.
CNN and CBS will maintain their editorial independence
The networks CNN and CBS, considered the main 'jewels' of the companies that are merging in the operation, will retain their top executives. Although both will have to report to Ellison and Kreiz, their structures will continue on separate paths and will maintain editorial autonomy, in response to concerns raised by a group of state attorneys general.
Thus, Mark Thompson will continue as director and president of CNN, a position he has held since 2023 after having been director of the newspaper "The New York Times" and of the British public broadcaster BBC.
On the other hand, Bari Weiss will continue as director of CBS News, in addition to his role as director of "The Free Press," a media outlet also controlled by Paramount.
Organization of film studios and franchises
Skydance Motion Picture Group will be the division responsible for coordinating the film studios of Paramount and Warner. It will be led by Dana Goldberg and Josh Greenstein, who must fulfill the commitment made to the attorneys general to release more than 30 films per year.
At the same time, DC Studios will continue to operate independently, with James Gunn and Peter Safran at the helm of one of the most influential superhero sagas in the world, which includes characters such as Superman, Batman, Aquaman, or Green Lantern.
"I am incredibly proud to present the team that will lead Skydance, a group that reflects the ambition behind this historic combination. Together, Paramount and Warner Bros will create a space focused on creativity, with the scale, imagination, and technology necessary to define the entertainment of a generation," highlighted the CEO and president of Skydance, David Ellison.
"Our goals as a team are to establish Skydance as the leading content engine of Hollywood and a platform for the world's leading storytellers," pointed out the co-CEO of Skydance, Ynon Kreiz.