Paramount completes Warner acquisition, creating a media giant in a $110 billion deal

Jiji Press··US·Read original
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American media giant Paramount Skydance announced on the 6th that it has completed its acquisition of rival Warner Bros. Discovery. The deal is worth $110 billion including debt, or roughly 17 trillion yen, making it the largest merger in the history of the American media industry. The result is a media colossus called Skydance that owns two of Hollywood's leading film studios, streaming services, and television networks. Paramount's chief executive, David Ellison, will lead the new company, with Inon Kreitz, formerly of the American toy giant Mattel, serving as co-CEO. The company will hold popular film franchises such as Harry Potter, Top Gun, and Mission: Impossible, along with Warner Bros. Discovery's CNN news channel and Paramount's CBS News. In a statement, Skydance said it will produce at least 30 films a year and more than 180 television programs and series, and explained that it plans to eventually merge the streaming services operated by Paramount and Warner Bros. Discovery, stressing that it will expand consumer choice in entertainment.

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Communication Services▲
Warner Bros Discovery Inc
WBD
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Warner Bros. Discovery is acquired by Paramount Skydance in a $110 billion deal, ending its independence.

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Off-coverage companies 1

CNNi
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