Paramount Acquired Warner Bros for $110 Billion

Paramount Skydance has acquired Warner Bros Discovery for $110 billion. The combined company will operate under the Skydance name, and its shares will trade on the New York Stock Exchange under the ticker SKYD.

As a result of the deal, a single company now owns Harry Potter, DC Studios and Mission: Impossible, as well as HBO Max, Paramount+, CBS and CNN. The new company will be led by David Ellison. Day-to-day operations and the process of merging the two businesses will be overseen by former Mattel chief Ynon Kraiz.

The deal also leaves the company with roughly $80 billion in debt to pay down, so the new leadership will focus on boosting streaming revenue, preserving cable television income, and improving the film business.

Source: Reuters