Paramount completes Warner Bros. Discovery takeover, creating Hollywood giant Skydance

LOS ANGELES, CA — Paramount Skydance has completed its acquisition of Warner Bros. Discovery, one of the largest media mergers in history. The BBC valued the deal at about $110 billion.

The combined company is now called Skydance and trades on the New York Stock Exchange under the symbol SKYD. It brings together two of Hollywood’s biggest film studios with television and streaming brands including CBS, CNN, HBO, HBO Max, Paramount+, Nickelodeon and TNT Sports.

David Ellison is chairman and chief executive. The company says it expects nearly $70 billion in annual revenue and more than 200 million streaming subscribers, and it aims for at least $6 billion in yearly cost savings within three years.

The deal received approval in nearly 70 jurisdictions. Warner Bros. Discovery shares stopped trading on Nasdaq the day the merger closed.