Paramount completes $111B Warner merger, creating “Skydance” behemoth

Paramount Skydance has completed its $111 billion merger with Warner Bros. Discovery after US courts rejected efforts to stop the deal. The new company, called Skydance, brings together two major film studios, Paramount+ and HBO Max, CBS and CNN, as well as extensive sports rights and entertainment franchises, creating one of the industry’s largest media groups.

The merger faced antitrust challenges from California and 11 other states, but they settled the case; a judge approved the settlement on 30 September. It requires minimum investment and releases for domestic films, separate negotiations over basic cable distribution and an Editorial Independence Board for CBS News and CNN. A separate bid by five consumers to block the merger was rejected, and Supreme Court Justice Elena Kagan denied their emergency application without comment.