It’s official: Skydance-owned Paramount has closed its $81 billion takeover of Warner Bros. Discovery.

The companies completed the deal on Tuesday, ushering in a new Hollywood giant with the now shorter “Skydance” nametag. The merger brings two of America’s oldest moviemaking studios together. And HBO Max, titles ranging from “Harry Potter” to “Sinners,” and even networks like CNN find themselves under the same roof as Paramount+, CBS, and the likes of “Top Gun” and “The Godfather.”

All of them will come under the helm of billionaire David Ellison and his new co-CEO, Ynon Kreiz. That further concentrates power in an industry already run by just a handful of major players. Ellison’s Skydance bought out Paramount for $8 billion just last year, and set its sights on Warner—an even bigger fish—very soon after.

What followed erupted into a tumultuous, roughly year-long fight over Warner’s fate.

Skydance Corp. emerges from one of the biggest tie-ups ever in the media and entertainment industry. Including billions of dollars in debt, the Warner acquisition amounted to nearly $111 billion.

“Today is a historic day, not just for Skydance but for our entire industry,” Ellison said in a statement Tuesday. “We couldn’t be more excited to get to work.”

Here’s a look at some of the key moments that got us here.

The early days of Paramount’s quest for Warner turned into a messy bidding war.

Months after disclosing it was open to selling parts or even all of its business, Warner initially struck a studio and streaming deal with Netflix back in December.

Source link