David Ellison’s $81 billion merger of Paramount and Warner Bros. Discovery officially closed Tuesday more than seven months after his winning bid, creating a new media behemoth known as Skydance.
The combined company will include two historic film studios and their Hollywood lots; major streaming services HBO Max and Paramount+; CNN and CBS News; live sports channels including CBS Sports and TNT Sports; and thousands of iconic movie titles.
It crossed the finish line after settling an antitrust lawsuit brought by California Attorney General Rob Bonta and 11 other lefty AGs, who warned the deal could crush competition, raise consumer prices and limit choices.
Paramount assuaged Bonta with pledges to spend an additional $1.5 billion on domestic production over the next five years and release 30 high-quality theatrical films each year.