LOS ANGELES: Paramount on Tuesday completed its takeover of Warner Bros. Discovery, uniting two of Hollywood's most storied studios in a media empire spanning television, news and cinema under the control of David Ellison.
The combined company, renamed Skydance, brings together Paramount Pictures and Warner Bros. Pictures, the CBS News and CNN networks, and the HBO and CBS television brands.
Ellison plans to eventually merge the Paramount+ and HBO Max streaming services.
"Today is a historic day, not just for Skydance but for our entire industry," said Ellison, while a company memo warned that layoffs could be in store.
His ultra-wealthy family's ties to US President Donald Trump have raised concerns among critics that the new Hollywood giant will toe the White House line in its news coverage.
