Skydance Debuts As Hollywood Giant

Skydance-owned Paramount completed its acquisition of Warner Bros. Discovery, creating a combined entertainment company valued at about $111 billion including debt. The company will operate as Skydance, with HBO Max, Paramount+, CNN and CBS under one owner. The takeover followed a bidding fight after Warner first made a studio and streaming deal with Netflix. Paramount then pursued the whole company, raised its offer, and Netflix withdrew. Billionaire chief executive David Ellison will lead Skydance with co-CEO Ynon Kreiz. Ellison called the closing historic and said the company was eager to begin work. Skydance says HBO Max and Paramount+ will eventually become one service. No timeline has been given.