Paramount closes Warner merger in historic Hollywood deal

What happened: Paramount Skydance closed its $110 billion acquisition of Warner Bros. Discovery on Tuesday, completing one of the biggest media mergers ever after a battle for control with Netflix and antitrust lawsuits. Key numbers: $110 billion acquisition; Skydance Media and Paramount merger completed Why it matters: The new company, called Skydance, combines two of the five largest Hollywood film studios and will house dozens of TV networks plus Paramount+ and HBO Max. David Ellison becomes one of Hollywood's biggest moguls, with Ynon Kreiz as co-CEO handling day-to-day operations.

Paramount Skydance closed its $110 billion acquisition of Warner Bros. Discovery on Tuesday, completing one of the biggest media mergers ever after a battle for control with Netflix and antitrust lawsuits.

The new company, called Skydance, combines two of the five largest Hollywood film studios and will house dozens of TV networks plus Paramount+ and HBO Max. David Ellison becomes one of Hollywood's biggest moguls, with Ynon Kreiz as co-CEO handling day-to-day operations.