Paramount, Warner Bros Discovery officially merge under Skydance banner

Los Angeles [US], October 7 (ANI): Paramount and Warner Bros. Discovery are now officially a single company – coming together as Skydance Corp., led by chairman and CEO David Ellison. 
According to Variety, the deal has been closed at USD 111 billion, including the assumption of WBD debt. It now brings together two major studios, TV networks like CBS, CNN, Comedy Central, MTV and TBS, along with streaming services Paramount+ and HBO Max. 
The new Skydance will have an annual revenue of nearly USD 70 billion, the company said – but it also will have to wrestle with USD 80 billion in net debt, Variety added. 
Notably, the closing of the deal comes a little more than a year after Ellison’s Paramount Skydance first launched his bid for Warner Bros. Discovery. 
Earlier this month, Ellison confirmed the new identity of the combined company as ‘Skydance’. 
For the merger, Ellison picked up the name of his original film production company, Skydance Media, in a bid to encompass everything that is getting stuffed into the new conglomerate.
In an X post, David Ellison wrote, “Paramount and Warner Bros. shaped over a century of culture. By combining them, we aren't rewriting history — we're equipping these iconic studios with a more powerful engine. Together, we are Skydance: a creative-first home for bold, quality storytelling. We chose this name for a few important reasons. First and foremost, as we bring Paramount and Warner Bros. together, we wanted to preserve what has made each of these studios iconic. Both have distinct identities, extraordinary legacies and brands that have resonated with audiences for generations. We never wanted a new corporate identity to diminish, alter or overshadow either one. Instead, we wanted a name that would give the combined company an identity of its own while allowing Paramount and Warner Bros. — and all our extraordinary brands — to remain in the spotlight.”
It is worth mentioning that the Paramount-Warner Bros deal cleared its last hurdle after a judge overseeing the 12-state antitrust lawsuit approved the settlement between Paramount and the state attorneys general. (ANI)