Paramount CEO David Ellison announced Friday that Paramount and Warner Bros. will operate as Skydance once the merger between them closes. This roughly $110 billion deal is expected to close October 6.
It will combine two major Hollywood studios, Paramount+ and HBO Max, and networks including CBS, CNN, MTV, TBS, Comedy Central, and Food Network. The combined company will control franchises including “The Lord of the Rings,” “Game of Thrones,” the DC Universe, and “Yellowstone.”
“Both have distinct identities, extraordinary legacies and brands that have resonated with audiences for generations,” Ellison wrote. “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.”
Ellison founded the Skydance film studio in 2006, and used it as a vehicle to acquire Paramount last year, before pivoting to Warner Bros. Discovery shortly after.
“We have big goals for Skydance, and we intend to pursue them with passion, imagination and a willingness to take smart risks,” Ellison wrote. “At the same time, we will honor what makes Paramount and Warner Bros. special — giving both studios the opportunity to grow, tell more great stories and bring those stories to even broader audiences around the world, powered by the scale and capabilities of Skydance.”
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The merger came following a long-drawn corporate battle. California and 11 other states have filed a lawsuit in Oakland federal court challenging the deal, alleging it would create havoc in the industry by giving the combined company the power to raise prices in the film and television markets.
States including New York, Minnesota, Arizona, Colorado, Massachusetts, New Jersey, Washington, New Mexico, and Nevada have joined the lawsuit. However, U.S. District Judge Araceli Martínez-Olguín approved Paramount’s settlement with the 12 state attorneys general, and the ruling removed the final major legal obstacle to the transaction.
Ynon Kreiz, who is stepping down as Mattel’s CEO after eight years, was recently announced as co-CEO of the combined Paramount and Warner Bros.
Kreiz will join Paramount on Oct. 5 and become co-CEO once the transaction closes. He will oversee the combined company’s day-to-day operations and integration, while Ellison, who serves as chairman and CEO, will lead strategy, creative and technology functions. The businesses of the merged company will report jointly to both executives. Ellison said Kreiz brings strategic and operational experience that will complement his own responsibilities as the companies are integrated.